BTC/USD - Weekly Overview

BINANCE:BTCUSDT   Bitcoin / TetherUS
Bitcoin started to shed its positive returns at the start of the second month of 2023. As observed in the chart, the BTC price level is currently trading at a critical level of 1.0 FIB level upon which a negative breakout could result in further price damage.

MA-10 also suffered a negative crossover against MA-50 in the past week. The downside expansion in the width of Bollinger Bands suggests that the world’s largest digital currency faces considerable selling pressure.

The RSI level is also showcasing a falling channel pattern after sustaining in the overbought region for about a month. However, it is currently vulnerable to a negative breakdown to the oversold region
The MACD level has also broken below the histogram while forming red bars.

Overall, the support levels can be placed around $21K and $20K. On the other hand, resistance levels can be placed at $23K and $25K.


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