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Technical Analysis for BTCUSD for 17th February 2023

Bitcoin Trading at a 6-Month High as Buyers Aim for $28.5k

Past Performance of BTC

Bitcoin prices are ripping higher, recently printing new Q1 2023 highs, per the formation in the daily chart. After fears that the coin has peaked in mid-February, the resurgence of the past two days has lighted up demand, rejuvenating buyers. As long as prices are trading above $23.5k, the uptrend is valid, and traders may look for entries on dips.

Bitcoin Technical Analysis

The path of least resistance is northwards, and BTC is retesting August 2022 highs. As it is, buyers can ramp up on every dip above $23.5k, expecting further gains toward critical reaction zones of 2022. Notice that, on February 16, prices retraced. However, since BTC is within the February 15 range of Wednesday, the trend is up and buyers are in a controlling position. At this pace, BTC may soar to May 2022 lows at around $28.5k.

What to Expect from BTC

Bulls are in control, and the trend has shifted back to green after the blip of February 14. As BTC bottoms up from the pits of 2022, the coin will likely continue to tear higher as long as prices are above $23.5k and February 2023 highs.

Resistance level to watch: $28.5k

Support level to watch: $23.5k

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

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