This website uses cookies to ensure you get the best experience on our website

Technical Analysis for BTCUSD for 16th February 2023

Bitcoin Emphatically Reverses Losses, BTC Roars Above $24k

Past Performance of BTC

Bitcoin prices are up 16 percent from last week's lows, reversing losses of February 9, and, most importantly, trending in a new Q1 2023 high. Based on this formation, it is clear that the trend has shifted and buyers have the upper hand. With the coin above $24k and roaring with expanding volumes, traders can look to double down, targeting $25k or better in the days ahead.

Bitcoin Technical Analysis

Following gains on February 15, building on the rally registered early this month; Bitcoin bulls are firm and in control. Notably, the reversal of February 9 is a net positive for buyers. Since BTC is above $24k, it is clear that buyers are back in trend, moving in motion and syncing with buyers from mid-January 2023. This preview is valid from an effort versus result perspective, an endorsement of buyers who emphatically reversed losses of February 9. As it is, conservative traders can load the dips after yesterday's decisive break above the consolidation of  early February at $24k.

What to Expect from BTC

Prices are back to green after the breakout above consolidation. Notably, the push above $24k and February highs was with high participation levels signaling interest across the board, a net positive.

Resistance level to watch: $25k

Support level to watch: $23k

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

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020