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Technical Analysis for BTCUSD for 28th February 2023

Bitcoin is Weak, Could Slide Below $22.5k as Bears Press On

Past Performance of BTC

Bitcoin prices remain in a tight trade range, around the $23.5k support line. There are signs of weakness, but that needs to be confirmed with a sharp drop below $23k and even $22.5k with rising volumes. From the daily chart, buyers are in control. However, for buy trend continuation, there must be gains in line with February 26 gains, affirming strength.

Bitcoin Technical Analysis

From the daily chart, buyers are in control from a top-down preview. All the same, after an impressive performance in the past few weeks, the uptrend is fizzling. As prices oscillate inside the $23.5k and $24k zone, buyers must push prices higher and confirm the strength posted over the weekend. If not, any slip below $23k would signal weakness, an opportunity for traders to find entries on every attempt higher, selling with targets at $21.5k. This preview will only change if there are gains above $25k with rising volumes, invalidating the bearish attempt of the last week of February.

What to Expect from BTC

Traders can wait on the sidelines until there is a clear trend definition. The immediate resistance is around $25k, while support is at $23.5k. Any drop below $22.5k and last week's lows may trigger a sell-off, pushing the coin lower.

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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