Bitcoin Holds And Consolidates Below $23,000 Mark

Jan 23, 2023 at 11:24 // Price
Coin Idol
Bitcoin is expected to reverse upwards in the overbought zone

Bitcoin (BTC) is trading below the $23,000 resistance level as the bullish momentum is fading.

Bitcoin price long term forecast: bullish

Buyers failed to sustain the bullish momentum and Bitcoin was rejected at the high of $23,353. The cryptocurrency value fell and consolidated back below the $23,000 resistance level. The altcoin is currently trading in a small range between $22,600 and $23,000. Bitcoin is expected to reverse upwards in the overbought zone as it reaches bullish exhaustion. It would be detrimental if sellers try to break the existing support. If they succeed, interest in the cryptocurrency will wane. At the time of writing, the BTC price is fluctuating and consolidating below the resistance level at $22,697.

Bitcoin indicator display

For the 14 period, Bitcoin is at level 84 of Relative Strength. The market has moved into an overbought area for cryptocurrencies. As soon as sellers appear in the overbought area, Bitcoin will fall. The price bars are higher than the moving average, indicating a potential increase in the value of the cryptocurrency. Bitcoin is experiencing bearish momentum below the daily stochastic level of 50.

BTCUSD(Daily Chart) - January 23.23.jpg

Technical indicators:

Key resistance levels - $30,000 and $35,000

Key support levels - $20,000 and $15,000

What is the next direction for BTC/USD?

Bitcoin price is moving below the resistance level on the 4-hour chart. The presence of the doji candlesticks suggests that Bitcoin will be forced to move in an area above the current support. The BTC price is currently rising above the existing support as the cryptocurrency enters a rangebound phase.

BTCUSD( 4 Hour Chart) - January 24.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

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