Past Performance of Bitcoin
Bitcoin prices stabilized on February 1, initially dumping before pumping in the New York session. Besides technical factors, macroeconomic elements are in play following the decision by the FED to increase rates as expected to 4.75%. Bitcoin remains firm, and the coin may break above $24k in buy trend continuation, shaking off losses of early this week.
#Bitcoin Technical Analysis
Bitcoin prices are steady in the daily chart and bullish, appearing to resist attempts for lower lows. Still, the coin remains within the bearish engulfing bar of January 30. The good news is that the bear bar of early this week was with relatively low trading volumes, favoring bulls from an effort versus result perspective. Therefore, as it is, and factoring in FED's declaration (a fundamental event), traders can buy the dips, expecting the coin to retest $24k. Considering the current formation, aggressive traders can double down in lower timeframes with targets at $25k in the short term, provided the coin trades above the $22.5k support line.
What to Expect from #BTC?
BTC looks likely to break the immediate resistance line as fundamentals provide tailwinds. After the bearish engulfing bar of January 30, BTC bulls could reverse losses and align the trend established in mid-January 2023.
Resistance level to watch out for: $24k
Support level to watch out for: $22.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin prices stabilized on February 1, initially dumping before pumping in the New York session. Besides technical factors, macroeconomic elements are in play following the decision by the FED to increase rates as expected to 4.75%. Bitcoin remains firm, and the coin may break above $24k in buy trend continuation, shaking off losses of early this week.
#Bitcoin Technical Analysis
Bitcoin prices are steady in the daily chart and bullish, appearing to resist attempts for lower lows. Still, the coin remains within the bearish engulfing bar of January 30. The good news is that the bear bar of early this week was with relatively low trading volumes, favoring bulls from an effort versus result perspective. Therefore, as it is, and factoring in FED's declaration (a fundamental event), traders can buy the dips, expecting the coin to retest $24k. Considering the current formation, aggressive traders can double down in lower timeframes with targets at $25k in the short term, provided the coin trades above the $22.5k support line.
What to Expect from #BTC?
BTC looks likely to break the immediate resistance line as fundamentals provide tailwinds. After the bearish engulfing bar of January 30, BTC bulls could reverse losses and align the trend established in mid-January 2023.
Resistance level to watch out for: $24k
Support level to watch out for: $22.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
