Bitcoin price analysis for today shows a rebound at the $23,600 level after a sharp pullback. Major resistance is seen at the $24,250 level and a break above this could see BTC climb back toward $30,000.Bitcoin blasted through the most bullish expectations of its price following news that the U.S. Federal Reserve had decided to up interest rates by 25 basis points, sending shockwaves across all markets.
On February 1st, Bitcoin tested the $22,500 support and then saw a surge of 6.5% in just five hours as it began to flirt with the $24,000 mark. While this is undeniably exciting for traders and crypto enthusiasts alike, it’s important to recognize that these gains have echoed those seen in traditional markets – namely an increase in risk-on sentiment.
Bitcoin price analysis on a daily chart: BTC retraces to the $23,600 level
The most recent Bitcoin price analysis on a daily chart shows that BTC has retraced back down to the $23,600 level after an impressive run-up to over $24,000. This pullback was expected and it is likely that buyers will step in once more at this key support level.
The immediate resistance is at the $24,250 level and a break above this could see BTC climb back toward $30,000 as momentum builds up once again. On the other hand, if buyers fail to step in and BTC falls below the key support levels of $23,400 and $22,800 then we could see a selloff back to the $20,000 level. The daily RSI is residing above the 70 level which indicates that the market is overbought and could be due for a pullback. The MACD has also crossed over to bearish territory, which suggests that we could see more downside in the near term before buyers re-emerge.
Bitcoin price analysis on a 4-hour chart: Bears remain in control
The 4-hour chart reveals that BTC is still under the control of the bears as it continues to trade within a descending channel formation. The immediate support is at the $23,400 level and if this gives way then we could see BTC plunge toward the $22,800 level.
On the flip side, bulls will be looking to break out of the descending channel and push prices back above $24,000 over the coming days. If this happens then we could see a new wave of buying pressure that could propel BTC toward higher levels. Bitcoin price analysis for today reveals BTC is trading at $23,557.02 at the moment of writing, showing a minor 1.14 percent drop over the past 24 hours. The Relative Strength Index is residing at around 50 levels, indicating that the market is currently in neutral territory. The Moving Average Convergence Divergence shows a bearish divergence as the MACD line has crossed below the signal line, suggesting more downside if buyers fail to step in.
Bitcoin price analysis conclusion
Bitcoin price analysis for today shows that the BTC bulls are losing steam and a retrace to $23,600 seems likely. Major resistance is seen at the $24,250 level and a break above this could see BTC climb back toward $30,000. On the flip side, if buyers fail to step in then we could see a selloff back to the $22,800 level.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-02-03/