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BITCOIN PRICE ANALYSIS CMP-$23,100: Bulls are initiated again after a slight pause

The Bitcoin price is exhibiting decisive signs of a long-term bullish reversal. Nevertheless, a short-term retracement may take place before the bull trend resumes its upward trajectory.

24 Jan 2023 By : Coin Gabbar

Even though Bitcoin's price has been on the upswing recently, some remain skeptical that the correction is truly underway, instead perceiving the current surge as a bull trap rather than a breakthrough that signals the end of the bear market.

Bitcoin's price has been well sustained above $22,300. BTC is rising and may try to break through the $23,500 barrier zone. Bitcoin's price has surged above the $22,500 barrier level. BTC even traded above the $23,000 level before even being met with sellers at the $23,500 level. Similar to ethereum, there was a minor downside correction from the $23,400 zone.

Before a downward adjustment, the price reached as high as $23,372. There was a drop below the $23,000 level. The price even fell below the 23.6% Fib retracement level of the upward wave from the swing low of $20,407 to the high of $23,428.

The price, however, remains stable above $22,850 and the 50 hourly simple moving average. On the hourly chart of the BTC/USD pair, a key bullish trend line is forming with support at $22,100.

An immediate hurdle is found near the $23,200 level. The next major resistance is at the $23,400 level, over which the price may gain bullish momentum. In this situation, the price may rise all the way to $23,500. The next barrier could be about $24,200. Any further rises might bring the bitcoins price up to the $25,000 level.

If bitcoin fails to break over the $23,400 barrier level, it may begin another downward trend. On the downside, there is immediate support at $22,700. The next major support is in the $22,100 zone and the trend line, below which it might test the 50% Fib retracement level of the upward wave from $20,407 to the high of $23,428, if it breaks through. Any further losses might push the price to $21,500 in the nearish term.

According to Price Analysis, the market capitalization of this BTC is $444,271,699,014. The coin's 24-hour trading volume is around $26,808,903,381. The market capitalization of Bitcoin has risen by 1.37%. However, during intraday trading, transaction volume increased by 12.59%.


RESISTANCE LEVEL : $23,400-$23,800

SUPPORT LEVEL : $22,700-$22,300

In the case of BTCUSD weekly charts, the RSI suggests that this precise line in the sand is now dividing what might be a major breakout into a bull market - or a hard rejection. Please leave your thoughts in the comments section below.