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Technical Analysis for BTCUSD for 25th October 2022

Bitcoin Consolidation Boxes BTC in a 2K Zone, Bears Dominate

Past Performance of BTC

Bitcoin is less than 10 percent from 2022 lows and continues to trade in a tight trade range, reading from the performance in the daily chart. Even though traders are confident and expecting a recovery, the failure of buyers to satisfactorily pull above the current $2k zone and break above $20.5k is worrying. Therefore, the immediate price action is bearish unless there are decisive gains above key resistance levels.

Bitcoin Technical Analysis

From the daily chart, BTC prices remain in range, boxed within the October 13 bull bar but trending in line with the September 13 bearish engulfing bear bar. Technically, sellers are in control if prices are inside the $20.5k and $18.5k trade range. While aggressive traders may unload within the current BB squeeze, conservative bulls must wait for a clean break above $20.5k. Losses below $18.5k and the $18k zone may easily see BTC drop to $17.5k in a bear trend continuation formation.

What to Expect from BTC

The bear market continues to weigh negatively against Bitcoin. Currently, prices are consolidating without signs of a breakout in the immediate term. The result is a BB squeeze reflecting the state of apprehension and, possibly, accumulation (distribution) depending on the breakout direction.

Resistance level to watch: $20.5k

Support level to watch: $18.5k

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

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