Bitcoin Consolidates Near Q1 2023 Highs, Resistance $25k
Past Performance of Bitcoin
Bitcoin is within a bullish breakout formation as long as the coin is above the 23.5k and 24k support. There is accumulation at present, and the coin may push higher, provided prices are within the February 15 bull bar.
Bitcoin Technical Analysis
Since BTC prices are within the February 15 bull bar, the upside will be confirmed should the coin surge above 25k. Support is at 23.5k and the 20-day moving average. From the effort versus result setup, buyers are in control. However, considering the present consolidation and tight trade range over the weekend, prices must break out in either direction. Gains above
25K could see BTC spring to 28.5k in a bullish continuation.
What to Expect from BTC?
Traders are upbeat, per the performance in the daily chart. In the short term, prices are consolidating but could tear higher if there are gains above25K, as mentioned above. Still, traders should watch how prices react at 23.5k if there is a cool-off from spot rates.
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 is within a bullish breakout formation as long as the coin is above the 23.5k and 24k support. There is accumulation at present, and the coin may push higher, provided prices are within the February 15 bull bar.
Bitcoin Technical Analysis
Since BTC prices are within the February 15 bull bar, the upside will be confirmed should the coin surge above 25k. Support is at 23.5k and the 20-day moving average. From the effort versus result setup, buyers are in control. However, considering the present consolidation and tight trade range over the weekend, prices must break out in either direction. Gains above
25K could see BTC spring to 28.5k in a bullish continuation.What to Expect from BTC?
Traders are upbeat, per the performance in the daily chart. In the short term, prices are consolidating but could tear higher if there are gains above
25K, as mentioned above. Still, traders should watch how prices react at 23.5k if there is a cool-off from spot rates.Resistance level to watch out for:
25KSupport level to watch out for: 23.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.