Past Performance of Bitcoin
Bitcoin prices are volatile. After losses from Friday, February 25, BTC prices recovered yesterday but remain within a bearish formation, a discouraging move. Notably, from the daily chart, BTC is trading at around $23.5k, a critical support level. Should prices contract from this line, this could swing price action to favor sellers in the short term, possibly canceling out the bulls from mid-January 2023.
#Bitcoin Technical Analysis
The path of least resistance is overly northwards. However, there are hints of weakness, reading from the performance in the daily chart. For buyers to take charge, there must be gains above $25k with expanding volumes. Presently, losses, especially of February 25, may weaken the uptrend, allowing sellers to flow back and swing price action southwards. Because of yesterday's gains, traders can wait for a follow-through. However, if prices fail to edge higher and close below $23.5k, mirroring those of the bearish engulfing bar of last week, BTC may drop to $21.5k.
What to Expect from #BTC?
Buyers are in control from a top-down preview. Nonetheless, losses below $23.5k, confirming the end of last week's sell-off, may trigger a dump that may see BTC retest at $20k or lower. Conversely, reversals pushing BTC above $25k may anchor the next leg up.
Resistance level to watch out for: $25k
Support level to watch out for: $23.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin prices are volatile. After losses from Friday, February 25, BTC prices recovered yesterday but remain within a bearish formation, a discouraging move. Notably, from the daily chart, BTC is trading at around $23.5k, a critical support level. Should prices contract from this line, this could swing price action to favor sellers in the short term, possibly canceling out the bulls from mid-January 2023.
#Bitcoin Technical Analysis
The path of least resistance is overly northwards. However, there are hints of weakness, reading from the performance in the daily chart. For buyers to take charge, there must be gains above $25k with expanding volumes. Presently, losses, especially of February 25, may weaken the uptrend, allowing sellers to flow back and swing price action southwards. Because of yesterday's gains, traders can wait for a follow-through. However, if prices fail to edge higher and close below $23.5k, mirroring those of the bearish engulfing bar of last week, BTC may drop to $21.5k.
What to Expect from #BTC?
Buyers are in control from a top-down preview. Nonetheless, losses below $23.5k, confirming the end of last week's sell-off, may trigger a dump that may see BTC retest at $20k or lower. Conversely, reversals pushing BTC above $25k may anchor the next leg up.
Resistance level to watch out for: $25k
Support level to watch out for: $23.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
