#Bitcoin Cools Off After Retest of $24k, Is The Bull Run Over?
Past Performance of Bitcoin
The near 50 percent rally from Q4 2022 lows might be coming to an end, reading from the current price performance. Bitcoin prices recoiled from around 24k, sharply reversing January 29 gains and forcing the coin lower. Even though the 22.5k support remains intact, the spike in selling volumes yesterday could point to weakness.
#Bitcoin Technical Analysis
The retracement on January 30 comes after momentum tapered. The bearish engulfing bar of yesterday has high trading volumes and is wide-ranging. Before the contraction, there were lower lows relative to the upper BB, forcing prices back to last week's trade range. As it is, traders may look to take profits. Bears could be back in control if BTC breaks below 22.3k, marking last week's range. In that event, BTC may slip to January 20 lows at around 21k.
What to Expect from #BTC?
The path of least resistance remains northwards. Still, after such gains, a retracement is inevitable. As a result, the odds of BTC falling back to 21k, or lower, remain high. This preview will shift if there are gains above 24k, with expanding volumes reversing yesterday's losses.
Resistance level to watch out for: 24k
Support level to watch out for: 22.3k
Disclaimer: Opinions expressed are not investment advice. Do your research.
The near 50 percent rally from Q4 2022 lows might be coming to an end, reading from the current price performance. Bitcoin prices recoiled from around 24k, sharply reversing January 29 gains and forcing the coin lower. Even though the 22.5k support remains intact, the spike in selling volumes yesterday could point to weakness.
#Bitcoin Technical Analysis
The retracement on January 30 comes after momentum tapered. The bearish engulfing bar of yesterday has high trading volumes and is wide-ranging. Before the contraction, there were lower lows relative to the upper BB, forcing prices back to last week's trade range. As it is, traders may look to take profits. Bears could be back in control if BTC breaks below 22.3k, marking last week's range. In that event, BTC may slip to January 20 lows at around 21k.
What to Expect from #BTC?
The path of least resistance remains northwards. Still, after such gains, a retracement is inevitable. As a result, the odds of BTC falling back to 21k, or lower, remain high. This preview will shift if there are gains above 24k, with expanding volumes reversing yesterday's losses.
Resistance level to watch out for: 24k
Support level to watch out for: 22.3k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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