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Technical Analysis for BTCUSD for 23rd February 2022

Bitcoin Boxed Below $40k as BTCUSDT Bears Flex

Past Performance of BTC

Bitcoin sellers have the upper hand in the last week of trading as per the BTCUSDT price performance. BTC is trading below the $40k psychological mark at spot rates, days after crumbling from around $45k—February 2022 highs.

Bitcoin Technical Analysis

The path of least resistance remains southwards despite attempts of higher highs in late February 22. BTC bear bars have retested the lower BB, signaling general weakness at the time of writing. Confirmation of early this week's losses below $35k may force the coin towards the $30k zone as bears take complete control of proceedings. Notably, when writing, bears have completely reversed gains of February 4, quashing bulls. Accordingly, there might be entries on every pullback towards $40.5k to $41k with bear targets at around $35k—marking the January 2022 lows, especially if sellers break below $36k in upcoming sessions.

What to Expect of BTC

The BTCUSDT price action favors sellers. The inability of bulls to flow back and confirm bulls of late January 2022 points to weakness. Therefore, as long as BTC trends below $40k, sellers are in control and may drive the coin back to $30k for new Q1 2022 lows.

Resistance level to watch: $40k

Support level to watch: $36k

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

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