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Technical Analysis for BTCUSD for 20th February 2023

Bitcoin Consolidates Near Q1 2023 Highs, Resistance $25k

Past Performance of BTC

Bitcoin is within a bullish breakout formation as long as the coin is above the $23.5k and $24k support. There is accumulation at present, and the coin may push higher, provided prices are within the February 15 bull bar.

Bitcoin Technical Analysis

Since BTC prices are within the February 15 bull bar, the upside will be confirmed should the coin surge above $25k. Support is at $23.5k and the 20-day moving average. From the effort versus result setup, buyers are in control. However, considering the present consolidation and tight trade range over the weekend, prices must break out in either direction. Gains above $25k could see BTC spring to $28.5k in a bullish continuation.

What to Expect from BTC

Traders are upbeat, per the performance in the daily chart. In the short term, prices are consolidating but could tear higher if there are gains above $25k, as mentioned above. Still, traders should watch how prices react at $23.5k if there is a cool-off from spot rates.

Resistance level to watch: $25k

Support level to watch: $23.5k

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

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