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Technical Analysis for BTCUSD for 24th February 2023

Bitcoin Traders Appear Undecided as Prices Trickle Lower

Past Performance of BTC

Bitcoin is weaker when writing, trading in a tight trade range, tethered around the $24k level. Even though the primary trend is northwards, there are concerns that the coin may drop if it loses support at $23.5k and the middle BB. On the flip side, a close above $25k and the present consolidation will solidify the bullish outlook, allowing traders to double down on dips.

Bitcoin Technical Analysis

Presently, the BTC uptrend is weak. Traders are undecided, resulting in an accumulation. Still, for a clear trend, prices must either reverse losses and surge above $25k or drop below $23.5k and the middle BB. Because BTC prices are inside the bullish engulfing bar of February 15, buyers appear to have the upper hand. Even so, this will quickly change should there be a high volume contraction below $23.5k. In that case, BTC may retest $21.5k, an opportunity for aggressive traders to load on every attempt higher.

What to Expect from BTC

Prices are lower, but the uptrend remains. Traders can wait until there is a definitive close either above or below the current limits. Any breakout above $25k will confirm buyers of February 15, validating the recent uptrend and setting the pace for the next leg up towards $28.5k or better.

Resistance level to watch: $25k

Support level to watch: $23.5k

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

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