Bitcoin Technical Analysis Report | 16th-January-2023

BITCOIN, the largest crypto asset by market cap, has been trading in an uptrend as the prices have risen almost by 26% over the past seven days. The current market cap is $406,795,758,726 up by 1.85% over the past 24 hours and the current market dominance of BTC is at 40.98%.

At the time of writing, BTC was trading at $21,146.

Bitcoin Chart | 16th January 2023
Bitcoin (BTC) Chart

BTC was trading in a range from $15,500 to $17,500. After giving a breakout above the range, the prices witnessed a rally and made the high of $21,439 by forming a ‘Higher High Higher Low’ pattern. BTC has strong resistance at $22,500 and we can expect some profit booking around these levels. RSI at 88 indicates that the asset is in an overbought zone. Once BTC breaks, closes and sustains above $22,500 then we can expect it to further rally up to $28,500. $17,500 and $15,000 will act as strong support for the asset.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.

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