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Technical Analysis for BTCUSD for 24th January 2023

Bitcoin Shaking Off Sellers, BTC Uptrend Valid above $21.5k

Past Performance of BTC

Bitcoin has added eight percent in four days, staying clear within a bullish formation, and buyers expect even more. The rejection of lower prices on January 23 meant BTC remains within a bullish course above $21.5k. Presently, the January 18 bull bar guides the uptrend, reaffirming the presence of buyers.

Bitcoin Technical Analysis

BTC is within a breakout formation, with the bullish engulfing bar of January defining the short-term formation. As long as prices range above $20k and $2.15k, every low may offer opportunities to double down for aggressive, risk-off traders. This preview is further cemented by the fact that prices are trading above November 2022 highs, a critical support. Per the current state, BTC may set its goals at $25k in the short term and $30k in the medium term.

What to Expect from BTC

Buyers are solid and macro-economic factors are buoying the present leg up. Technically, BTC is above two critical support levels, meaning bears may require more pressure to break below these floors and re-establish their dominance. As long as BTC rejects or soaks in selling pressure, there could be more room for upsides in sessions ahead.

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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