Bitcoin Technical Analysis Report | 02nd-January-2023

BTC begins the first week of 2023 with marginal volatility. Having stayed the same over the Christmas and New Year holidays, BTC price action has been stuck in a tight range. Having sealed annual losses of nearly 65% ​​in 2022, Bitcoin has arguably enjoyed a classic bear market year, but few are actively predicting a recovery. The situation is complex for the average hodler keeping an eye on macro triggers courtesy of the Federal Reserve and the impact of economic policy on dollar strength. The asset price has grown by 1.69% while the global volume is also up by a marginal percentage of 2.15%. BTC dominance is at 39.91%.

At the time of writing, BTC was trading at $16,718.

Bitcoin Chart | 02nd January 2023
Bitcoin (BTC) Chart

BTC last month traded sideways forming a rectangular pattern in a range between $18,000 to $16,250. The range became tighter in the second half of December between $17,000 to $16,250 with low volumes. Flat Moving Averages and an RSI around 50 indicate more sideways movement. BTC has strong support at $15,500 whereas $18,000 will act as a strong resistance. Once the asset breaks and closes above the resistance then we can expect a rally up to $22k. If it breaks the support then it can further drop to the next support which is at $12k.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.

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