Bitcoin Recovers But Stalls Above $23,000 Support Level

Feb 27, 2023 at 08:41 // Price

Bitcoin is struggling to maintain its position above the $23,000 support

Bitcoin (BTC) price is returning to the uptrend zone as resistance was reached at the recent high.

Bitcoin price long-term forecast: bullish

The cryptocurrency price is currently moving above the 21-day line SMA. If the price falls back above the 21-day line SMA and finds support there, the upward movement could regain momentum. At the time of writing, the price of one bitcoin is $23,382. The upward movement could first encounter resistance at $24,000. If buyers manage to break through the initial resistance, the BTC price will rise and retest the overriding resistance at $25,000. On the other hand, if the BTC price declines and falls below the 21-day line SMA, the selling pressure will increase again. Bitcoin will fall to the support level of $22,800. If the support at $22,800 is broken, the downward momentum will continue to the psychological price low at $20,000.

Bitcoin indicator display

Bitcoin has recovered and climbs to the 51 level of the Relative Strength Index for the period 14. The RSI shows that the bitcoin price has reached equilibrium, as supply and demand are in balance. Part of the cryptocurrency’s price is above the moving average lines. If the bears break below the 21-day line SMA, bitcoin will fall. Bitcoin’s daily stochastic is below 80 and shows bearish momentum. The largest cryptocurrency is in danger of falling further.

BTCUSD(Daily Chart) - February 27.23.jpg

Technical indicators:

Key resistance levels – $30,000 and $35,000

Key support levels – $20,000 and $15,000

What is the next direction for BTC/USD?

Bitcoin is struggling to maintain its position above the $23,000 support as it breaks above the 21-day line SMA. The price bars currently need to stay above the moving average lines for the price to move higher. If the price bars fall below the moving average lines, the upward movement could come to an end.

BTCUSD(4 Hour Chart) - February 27.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.