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Technical Analysis for BTCUSD for 22nd February 2022

Bitcoin Plunges 20%, BTCUSDT Could Retest $35k

Intel has released the first image of its “Bonanza mine” Bitcoin ASICs. The eventual launch will be a game-changer in the BTC and crypto mining landscape.

Past Performance of BTC

The BTC price continues to disintegrate, collapsing 20 percent from February 2022 peaks at spot rates. Although there were hints of strength in early February 21, bears are back, wiping out gains made in the first half of the month. Technically, the drop back below the 20-day moving average swings price action to favor sellers, the basis for a possible retest of January 2022 lows of around $35k in the short to medium term.

Bitcoin Technical Analysis

The BTCUSDT price action is tilting to once more favor sellers after an encouraging series of higher highs in the first half of February. In the immediate term, bears are in control, and every high could be an unloading opportunity for aggressive traders. Notably, there is a clear double top at around $45.5k, a ceiling that Bitcoin bears failed to break. Therefore, risk-off traders can unload on every pullback in the days ahead, especially if there is a sharp break below $36.8k, unwinding gains of February 4. In that case, the immediate bear target will be at $35k--around January 2022 lows.

What to Expect of BTC

Bears are in control despite supportive institutional adoption and acceptance of BTC as an investable asset. Technically, sellers are in control, and the reaction at immediate support levels could shape the medium-term trend.

Resistance level to watch: $40.3k

Support level to watch: $36.8k

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

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