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Monday, January 30, 2023
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    HomeMarketBitcoin Bulls Keeps Pushing, Why BTC Price Increase Isn’t Over Yet

    Bitcoin Bulls Keeps Pushing, Why BTC Price Increase Isn’t Over Yet

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    Bitcoin worth gained tempo and traded above $23,000. BTC is consolidating features and would possibly begin one other enhance in the direction of $23,500.

    • Bitcoin traded to a brand new yearly excessive at $23,428 earlier than it began a draw back correction.
    • The worth is buying and selling above $22,000 and the 100 hourly easy transferring common.
    • There’s a main bullish development line forming with help close to $22,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair may begin a contemporary enhance if it stays above the $22,000 help zone.

    Bitcoin Value Eyes Further Positive aspects

    Bitcoin worth began a significant enhance above the $21,500 resistance zone. BTC gained tempo and even broke the $22,000 resistance zone, just like ethereum at $1,550.

    The worth surged above the $22,500 degree and settled properly above the 100 hourly easy transferring common. It traded to a brand new yearly excessive at $23,428 and lately began a minor draw back correction. There was a minor transfer under the $23,000 degree.

    Bitcoin worth declined under the 23.6% Fib retracement degree of the upward transfer from the $20,395 swing low to $24,248 excessive. Nevertheless, the value continues to be buying and selling above $22,000 and the 100 hourly simple moving average.

    There may be additionally a significant bullish development line forming with help close to $22,000 on the hourly chart of the BTC/USD pair. An instantaneous resistance is close to the $23,000 degree. The following main resistance is close to the $23,200 zone, above which the value would possibly acquire bullish momentum.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    Within the acknowledged case, the value might maybe rise in the direction of the $23,500 degree. Any extra features would possibly ship btc worth in the direction of the $24,500 degree.

    Draw back Correction in BTC?

    If bitcoin worth fails to clear the $23,000 resistance, it may proceed to maneuver down. An instantaneous help on the draw back is close to the $22,400 zone.

    The following main help is close to the $22,000 zone and the development line. It’s near the 50% Fib retracement degree of the upward transfer from the $20,395 swing low to $24,248 excessive, under which the value would possibly acquire bearish momentum and take a look at $21,200. Any extra losses would possibly ship the value to $20,500 within the close to time period.

    Technical indicators:

    Hourly MACD – The MACD is now shedding tempo within the bearish zone.

    Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 degree.

    Main Assist Ranges – $22,400, adopted by $22,000.

    Main Resistance Ranges – $23,000, $23,200 and $23,500.



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