Bitcoin Technical Analysis Report | 30th-January-2023

Bitcoin bulls aim to push the BTC price to $24,000 and in doing so LTC, AVAX, APT and FTM could extend monthly gains. So far, it’s up nearly 40% in January, which is its best start to a year since 2013. The strong move higher has turned multiple on-chain signals bullish, according to On-Chain data. The next fall will also confirm whether Bitcoin has formed a bottom or not. If the low is confirmed, several altcoins may start to outperform Bitcoin in the near term. The global volume is up by almost 46% in the last 24 hours, while BTC dominance is at 42.49%.

At the time of writing BTC was trading at $23,706.

Bitcoin Chart | 30th January 2023
Bitcoin (BTC) Chart

BTC after giving a breakout above the range started trading upwards by forming a ‘Higher High Higher Low’ pattern. The prices made a weekly high of $23,960 yesterday. The bulls will face a hurdle at around $25,200 (Previous Top on 15th August 2022) and $28,500 (Horizontal trendline). Once the prices break and sustain above these resistances then we can expect another rally up to $32k. If it resists at these levels then we can expect some profit booking. RSI above 80 on a daily time frame indicates that the asset is in the overbought zone.

Key Levels

Support 2Support 1AssetResistance 1Resistance 2.

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