Bitcoin Technical Analysis Report | 27th-February-2023

BTC price is chasing $24,000, again, raising the possibility that LDO, EGLD, THETA, and KLAY will all target new yearly highs. Crypto markets and stock markets in the United States saw gains in bookings this week as macroeconomic data pointed to continued rate hikes by the Federal Reserve. Bitcoin is down more than 4% and the S&P 500 fell 2.7% to record its worst week of the year. The price of the asset is up by around 1.6% while the global volume has risen by almost 7% in the last 24 hours. BTC’s dominance is at 42.21%.

At the time of writing BTC was trading at $23,535

Bitcoin Chart | 27th Feb 2023
Bitcoin (BTC) Chart

BTC witnessed a sharp rally after making the low of $15,476. The prices surged almost by 63% from the low and made a high of $25,250 within three months. Post this move, the asset is consolidating in a range and is struggling to break the key resistance of $25,200. BTC has also not given a daily closing above $25k indicating selling  or profit booking at higher levels. To further rally BITCOIN needs to break, close and sustain above $25,250 whereas $21,500 to $20,500 will act as a strong support zone for the asset.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.

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