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Technical Analysis for BTCUSD for 20th January 2023

Bitcoin Rejects Bears, BTC Preparing for $30k?

Past Performance of BTC

The second half of the week for Bitcoin has been hot and cold. From the daily chart, the coin is within a bullish formation as the sparks of January 18 pushed the coin higher, reigniting demand. At spot rates, BTC is higher, within a bullish formation, and likely to spring towards registering new Q1 2023 highs.

Bitcoin Technical Analysis

Bitcoin bulls are confident, reading from the formation in the daily chart. The coin remains within a bullish breakout formation, surging double digits. Every low above $20.5k, based on the candlestick arrangement in the daily chart, offers an opportunity to double down. Specifically, conservative traders can always wait for a breakout above $21.5k, or November 2022 highs, before loading the dip, expecting further gains towards $25k. This position will be especially valid should the surge be with rising trading volumes, mirroring those of last week.

What to Expect from BTC

Buyers are solid, and the uptrend in position. Still, a resurgence pushing BTC above November highs and unwinding FTX-triggered losses may form the foundation for a swing higher towards $23k and later $30k in a welcomed rally.

Resistance level to watch: $21.5k

Support level to watch: $20.5k

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

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