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Thursday, February 2, 2023
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    HomeMarketBitcoin Price Recovery Could Soon Fade If BTC Fails To Surpass $17.2K

    Bitcoin Price Recovery Could Soon Fade If BTC Fails To Surpass $17.2K

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    Bitcoin value remains to be struggling under $17,000. BTC stays at a danger of a contemporary decline until there’s a clear transfer above the $17,200 resistance zone.

    • Bitcoin is going through a powerful resistance close to $17,000 and $17,200.
    • The value is buying and selling above $16,800 and the 100 hourly easy transferring common.
    • There’s a new declining channel forming with resistance close to $16,900 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair might try a restoration wave if there’s a clear transfer above the $17,200 resistance zone.

    Bitcoin Worth Wrestle Continues

    Bitcoin price started an upside correction from the $16,250 zone. BTC managed to get well a couple of factors and was capable of settle above the $16,600 stage.

    There was a transparent transfer above the $16,800 resistance and the 100 hourly easy transferring common. The value even tried a rise above the $17,000 resistance, however the bears have been lively. A excessive was fashioned close to $17,067 and the worth is consolidating in a variety.

    There was a minor decline under the 23.6% Fib retracement stage of the upward wave from the $16,261 swing low to $17,067 excessive. Bitcoin value is now buying and selling above $16,800 and the 100 hourly easy transferring common.

    On the upside, a direct resistance is close to the $16,900 zone. There’s additionally a brand new declining channel forming with resistance close to $16,900 on the hourly chart of the BTC/USD pair. The first major resistance is close to the $17,000 zone.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The primary hurdle appears to be forming close to the $17,200 and $17,250 ranges. A transparent transfer above the $17,250 resistance would possibly name for a transfer in the direction of the $17,500 resistance. The following main resistance is close to $18,000, above which the worth climb in the direction of the $18,450 resistance zone.

    Recent Drop in BTC?

    If bitcoin fails to clear the $17,200 resistance, there might be a contemporary drop. A right away assist on the draw back is close to the $16,700 stage and the channel pattern line.

    The following main assist is close to the $16,625 stage or the 50% Fib retracement stage of the upward wave from the $16,261 swing low to $17,067 excessive. A draw back break under the $16,625 assist would possibly name for a transfer in the direction of the $16,370 stage. Any extra losses would possibly ship the worth in the direction of $16,000.

    Technical indicators:

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

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

    Main Assist Ranges – $16,700, adopted by $16,370.

    Main Resistance Ranges – $17,000, $17,200 and $17,500.



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