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Thursday, February 2, 2023
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    HomeMarketBitcoin Price Bulls In Check, Signs of Fresh Increase above $21.5K

    Bitcoin Price Bulls In Check, Signs of Fresh Increase above $21.5K

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    Bitcoin value is trying a contemporary enhance above the $21,200 resistance zone. BTC may achieve bullish momentum if there’s a clear transfer above the $21,500 resistance.

    • Bitcoin corrected decrease, however it discovered help close to the $20,500 zones.
    • The worth is buying and selling above $21,000 and the 100 hourly easy shifting common.
    • There’s a short-term key bullish development line forming with help close to $21,050 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair may begin a contemporary enhance if there’s a clear transfer above the $21,500 resistance zone.

    Bitcoin Value Stays Supported

    Bitcoin value began a draw back correction from the $21,500 resistance zone. BTC declined beneath the $21,000 help zone, just like ethereum.

    Nonetheless, the bulls have been energetic close to the $20,500 and $20,400 help ranges. A low is fashioned close to $20,395 and the worth is now rising. There was a transparent transfer above the $20,850 resistance zone. The bulls pushed the worth above the 50% Fib retracement degree of the current decline from the $21,639 swing excessive to $20,395 low.

    Bitcoin value is now buying and selling above $21,000 and the 100 hourly simple moving average. There’s additionally a short-term key bullish development line forming with help close to $21,050 on the hourly chart of the BTC/USD pair.

    A right away resistance is close to the $21,160 degree. It’s close to the 61.8% Fib retracement degree of the current decline from the $21,639 swing excessive to $20,395. The subsequent main resistance is close to the $21,500 zone, above which the worth may achieve bullish momentum.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    Within the acknowledged case, the worth might maybe rise in direction of the $22,000 degree. Any extra features may ship btc value in direction of the $22,500 degree.

    One other Drop in BTC?

    If bitcoin value fails to clear the $21,250 resistance, it may begin a contemporary decline. A right away help on the draw back is close to the $21,050 zone and the development line.

    The subsequent main help is close to the $20,500 zone, beneath which the worth may achieve bearish momentum and take a look at $20,000. Any extra losses may ship the worth to $19,500 within the close to time period.

    Technical indicators:

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

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

    Main Assist Ranges – $20,500, adopted by $20,000.

    Main Resistance Ranges – $21,160, $21,250 and $21,500.



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