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Technical Analysis for BTCUSD for 23rd March 2023

Bitcoin Recoils, BTC Might Drop to $25k in a Retest

Past Performance of BTC

Bitcoin is trading lower at spot rates, contracting from recent peaks, and slowing after yesterday's news. Fundamental factors appear to be capping the uptrend, forcing the coin lower, a retracement expected after strong gains. From the daily chart, BTC has support at February highs, and buyers need to break above the current consolidation to reassert their presence.

Bitcoin Technical Analysis

The path of least resistance is northwards, reading from the daily chart. However, BTC is down, printing lower lows relative to the upper BB. Since the March 22 bar is bearish with relatively high trading volumes, it could signal the end of the recent swing high. Traders might look to exit their long as the chances of further retracements toward $25k look likely. Conservative traders waiting for gains above this week's highs must wait for a bullish engulfing bar confirming March 17 and 19 bars to print before loading the dips, targeting $32k.

What to Expect from BTC

Bitcoin looks likely to edge lower today. Still, how today's close will shape the medium term. Any confirmation of yesterday's losses below March 19 lows might fast-track the dump towards February highs in a retest.

Resistance level to watch: $28.8k

Support level to watch: $25k

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

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