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Technical Analysis for BTCUSD for 23rd February 2023

Bitcoin's Upside Momentum Fades, Will BTC Crash Below $23.5k?

Past Performance of BTC

Bitcoin is trading lower at spot rates, shrinking by four percent from recent highs. Technically, buyers are in charge, but the failure of prices to edge above $25k is a concern. As it is, traders can watch out for how prices react at support, aware that any dip below $23.5k will cancel out the bullish outlook in the short term.

Bitcoin Technical Analysis

BTC prices are trading above $24k as sellers pressed on. From the daily chart, traders can look to sync with the primary trend, selling on dips with targets at $21.5k in the short term. Presently, BTC is below $25k but is encouragingly inside the bull bar of February 15. This bullish engulfing bar anchors the short-term trend from an effort versus result perspective. Any loss below $23.5k and the middle BB would cancel the bullish preview, strike out buyers of February 15, and set the next leg down toward $21.5k in a correction.

What to Expect from BTC

Overall, Bitcoin bulls are upbeat. However, this could change, especially if today closes as bearish below $23.5k. In the near term, the zone between $21.5k and $25k is critical and would shape the coin going forward.

Resistance level to watch: $25k

Support level to watch: $21.5k

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

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