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Tuesday, January 31, 2023
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    HomeMarketBitcoin Price Grinds Lower, More Losses Seem Imminent

    Bitcoin Price Grinds Lower, More Losses Seem Imminent

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    Bitcoin worth is slowly transferring decrease from the $17,000 resistance. BTC may proceed to maneuver down in direction of the $16,000 assist zone.

    • Bitcoin began a contemporary decline after it did not clear the $17,000 and $17,200 resistance ranges.
    • The value is buying and selling beneath $16,700 and the 100 hourly easy transferring common.
    • There’s a key bearish development lie forming with resistance close to $16,600 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may drop additional if there’s a clear transfer beneath the $16,500 assist zone.

    Bitcoin Value Extends Losses

    Bitcoin worth failed to achieve tempo above the $17,000 resistance zone. BTC began a contemporary decline beneath the $16,800 assist zone to maneuver right into a bearish zone.

    The value even traded beneath the $16,650 assist zone and the 100 hourly easy transferring common. It traded as little as $16,453 and is presently consolidating losses. The value is clearly buying and selling in a bearish zone beneath $16,700 and the 100 hourly easy transferring common.

    Bitcoin worth is now dealing with resistance close to the $16,580 degree. It’s near the 23.6% Fib retracement degree of the downward transfer from the $16,961 swing excessive to $16,453 low. There may be additionally a key bearish development lie forming with resistance close to $16,600 on the hourly chart of the BTC/USD pair.

    The primary main resistance is close to the $16,700 zone and the 100 hourly SMA. It’s near the 50% key bearish development lie forming with resistance close to $16,600 on the hourly chart of the BTC/USD pair.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The principle hurdle continues to be close to the $17,000 degree. A correct shut above the $17,000 resistance would possibly begin a gradual enhance within the close to time period. The following main resistance is close to $17,200, above which the worth rise in direction of the $17,500 resistance zone.

    Extra Losses in BTC?

    If bitcoin fails to start out a restoration wave above the $16,700 resistance, it may proceed to maneuver down. A direct assist on the draw back is close to the $16,450 degree.

    The following main assist is close to the $16,200 degree. A draw back break beneath the $16,200 assist would possibly spark a transfer in direction of the $16,000 degree. Any extra losses would possibly ship the worth in direction of $15,550.

    Technical indicators:

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

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

    Main Assist Ranges – $16,450, adopted by $16,200.

    Main Resistance Ranges – $16,700, $17,000 and $17,200.



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