Bitcoin Bears Win As Bulls Struggle For Support; Will BTC crash below $23k?
Bitcoin (BTC) has recorded a series of losses recently, with bears struggling to gain control of the first cryptocurrency’s price trajectory. Bitcoin has plunged below $24,000, temporarily invalidating the asset’s ability to regain $25,000 as the next support level.
Amid the uncertainty, senior analyst Jim Wyckoff highlighted that Bitcoin bulls still have the overall technical advantage. In his Feb. 28 analysis, Wyckoff pointed out that the bulls’ power has waned, although it may only last for a while.
With Bitcoin’s momentum stalled in part due to renewed anxiety over the US macroeconomic outlook, the analyst acknowledged that the virgin crypto needs sustained buying pressure to regain previous highs.
“Bulls still have the overall technical advantage in the short term as a price uptrend is in place on the daily chart, but just barely. Bulls have faded recently and will need to show renewed strength soon to keep the uptrend alive and to retain their technical advantage, he said.
Bitcoin searches for support
Currently, Bitcoin is trying to maintain support above $23,500, with $24,000 serving as a significant resistance level. Accordingly, crypto trading expert and analyst Michaël Poppe highlighted some of Bitcoin’s next key positions to watch.
In a chirping on February 28, Poppe pointed out that Bitcoin could gain if it turns the $23,800 support.
“My thesis says I’m not interested until we turn around and break $23.8k for support. After the hard rejection, it looks like we’re in for a period of consolidation in a relatively dull week. If so, areas around $22.5k entrance,” he said.
Bitcoin’s latest correction follows the February 27 release of US durable goods orders data for January. The figure indicated a 4.5% drop, signifying concern among investors about the possibility of inflation and interest rate hikes. The concerns have emerged despite robust economic data.
Bitcoin price analysis
At press time, Bitcoin was trading at $23,528 with weekly losses of around 3.7%.
Interestingly, as February ends, Bitcoin is trading above the $20,254 end-of-month value set by the crypto community on CoinMarketCap.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
