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Technical Analysis for BTCUSD for 13th March 2023

Bitcoin Reverses Losses, Blasts Above $21.5k

Past Performance of BTC

Bitcoin is higher at spot rates, adding roughly 13% in the past two days. For this development, buyers are back in charge and bulls have reversed last week’s losses. Still, it is important to  note that in less than two weeks, BTC is down over 15% despite buyers being dominant from a top-down preview.

Bitcoin Technical Analysis

Overall, BTC bears are in a commanding position, especially if prices remain above $21.5k. Notice that the coin has reversed last week’s losses following a bear breakout formation after sharp losses on March 3 was confirmed on March 9. Given the setup and recent expansion, there could be more gains in the short term. Therefore, aggressive traders can look to load on every attempt lower as long as prices are above $21.5k targeting $25k in the immediate term. On the lower end, primary support lies at $19.7k, a support zone flashing with the 61.8% Fibonacci retracement level of the December to February 2023 trade range.

What to Expect from BTC

Bulls are in the driving seat, but this can quickly change should BTC prices contract below 21.5k. The primary support in the near term is $19.7k, a critical reaction line traders should closely watch. Sharp losses below this line will cancel out the bullish preview.

Resistance level to watch: $25k

Support level to watch: $21.5k

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

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