Bitcoin Technical Analysis Report | 13th-Feb-2023

Bitcoin approached $22,000 over the weekend as traders and analysts urged caution amid overly bearish sentiment. After hitting a three-week low the week before, Bitcoin was a target for opportunistic whales. The material indicators captured the rise of resistance, with the potential rise in the spot price offering a more advantageous sell level for high-volume players. The asset price has tried to rally over the weekend but the current rebound needs to be more convincing. This suggests that dip buyers are nervous about charging ahead of the release of CPI data on Feb 14th as it could increase short-term volatility. BTC’s global volume is down by a marginal percentage of 3.4, while the dominance is at 41.28%.

At the time of writing, BTC was trading at $21,825.

Bitcoin Chart_13th February 2023
Bitcoin (BTC) Chart

BTC after giving a range breakout above $17,500 surged almost by 38% within three weeks and made the high of $24,255. Post this move, the asset started to consolidate in a ‘Rising Channel’ pattern and was facing stiff resistance at the highs. The price broke the lower support line of the channel and witnessed some correction and dropped to $21,451. BTC has a strong support zone from $ 21,500 to $20,500 (200-Day Moving Average). If it holds and sustains above the support then we can expect the bulls to resume the up-move whereas a break below $20,500 will lead to further downfall.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.

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