Bitcoin Technical Analysis Report | 05th-February-2024


BTC continues to trade within a range and is poised to conclude the week with a modest gain of approximately 2%. Although the introduction of spot Bitcoin exchange-traded funds (ETFs) has paved the way for institutional investments, the inflow has been gradual, with major trading platforms conducting thorough due diligence, as per a Bloomberg report. A minor positive aspect in the short term is the gradual slowdown in outflows from Grayscale Bitcoin Trust (GBTC). According to Research data, GBTC outflows have been hovering around the $200 million mark since Jan. 29th, down from a peak of $640 million on Jan. 22nd.

At the time of writing BTC was trading at $42,686.

Bitcoin Monday Daily Chart-05th Feb 2024
Bitcoin (BTC) Chart

BITCOIN after giving a breakout above the key resistance of $28,500 witnessed a sharp rally, and the prices surged almost by 71.5% and made the high of $48,969. The asset failed to give a daily closing above the key resistance of $48,000 and saw some profit booking  and the prices dropped to $38,555. Post this move BTC made a ‘hammer’ candle where the lower longer shadow indicates buying at the dip and the prices have raised up to $43,882 and started consolidating between $42,000 and $43,500. The asset has a support at $40,000 and $36,500 whereas to further rally it needs to break, close and sustain above $48,000.

Key levels:

Support 2Support 1AssetResistance 1Resistance 2.

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