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.