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Technical Analysis for BTCUSD for 6th February 2023

Bitcoin Slips 6% from $24k, Bears Retest Key Support Line

Past Performance of BTC

Bitcoin is relatively low, dropping on the last trading day as the upside momentum fades. The coin is down six percent from last week's highs. At yesterday's pace, BTC may post more losses in the days ahead. However, the drawdown could be accelerated should there be losses below $22.5k as BTC melts below January 30 lows.

Bitcoin Technical Analysis

Overall, BTC is bullish. The current formation boxes prices inside a bull flag. Still, buyers have a chance, but that could be amplified if BTC breaks above last week's highs, closing above $24. What's required for buyers to take charge is a surge past immediate resistance levels with rising volumes. Should bears take over, BTC could drop below $22.5k and the middle BB by today's close. In that likelihood, the coin may slip to retest $21.5k in a breakout formation. This could allow traders to double down, riding the emerging trend.

What to Expect from BTC

Traders are confident of the coin's uptrend in the medium term. However, for now, buyers must defend critical support. Any confirmation of yesterday's losses may compound the liquidation, forcing BTC to immediate support lines at $21.5k and round number at $20k.

Resistance level to watch: $24k

Support level to watch: $21.5k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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