Bitcoin Price Analysis: BTC Remains Supported For More Upsides
February 8, 2023Bitcoin price is rising above $23,000 against the US Dollar. BTC might extend gains if there is a clear move above the $23,600 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a fresh increase from the $23,650 support zone. A base was formed and the price climbed higher above the $23,000 resistance zone.
The bulls pushed the price above the $23,100 resistance and the 55 simple moving average (4-hours). There was also a break above a key bearish trend line with resistance near $23,000 on the 4-hours chart of the BTC/USD pair.
The upward move was such that the price climbed towards the $23,400 resistance zone. It tested the 50% Fib retracement level of the downward move from the $24,148 swing high to $22,637 low. It is now trading above $23,000 and the 55 simple moving average (4-hours).
An immediate resistance on the upside is near the $23,400 level. The next major resistance might near the $23,600 zone. It is near the 61.8% Fib retracement level of the downward move from the $24,148 swing high to $22,637 low.
The first major resistance is near the $24,000 level. A clear move above the $24,000 level might send the price towards $24,500, above which the price might rise towards the $25,000 level.
Any more gains might push the price towards the $26,500 zone. If there is no upside break, the price might decline below the $22,650 level. The first major support is near $22,350.
The next key support is near the $22,000 level, below which the price might accelerate lower. In the stated case, the price could decline towards the $21,600 level. Any more losses might send the price towards the $20,500 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading above $23,000 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it stays above the $22,350 resistance zone.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $22,650 and $22,350.
Key Resistance Levels – $23,400, $23,600 and $24,000.
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