Bitcoin and Ethereum Price Hints At A Correction – Is Now The Time To Buy?

Posted Tuesday, January 31, 2023 by
Arslan Butt • 2 min read

Bitcoin’s price has begun another downward drop below $23,250. BTC is still vulnerable to further declines before the bulls arrive near $22,200 or $22,000.

Bitcoin’s price gained momentum as it approached the $23,500 resistance level. BTC surpassed $23,800 but could not break through the $24,000 resistance zone.

A new swing high was set near $23,950, and the price corrected to the downside. The price fell sharply beneath the $23,500 and $23,200 support levels. Furthermore, on the hourly chart of the BTC /USD pair, there was a breach below a significant bullish trend line with support near $23,000.

The price has created a low near $22,519 and is now reversing losses. Bitcoin trades below the $23,200 mark and the 100 hourly simple moving average.

It is trading close to the 23.6% Fib retracement level of the latest slide from the swing high of $23,950 to the low of $22,519. Near the $23,000 level, there is immediate resistance. The next key resistance is near the $23,200 level, which corresponds to the 100 hourly simple moving average.

The 50% Fib retracement level of the recent slide from the $23,950 swing high to the $22,519 low is also close to the $23,250 zone, beyond which the price may begin a powerful rise. In the aforementioned scenario, the price might jump to $23,650. The next degree of resistance might be around $24,000. Any further gains push the bitcoin price above the $25,000 mark.

Bitcoin Price

If bitcoin fails to break through the $23,250 barrier level, it may continue to fall. On the downside, there is immediate support near the $22,650 level. The next big support level is at $22,500. If the price drops below $22,500, it may move toward the $22,200 barrier. Any further declines could push the price to $22,000 in the near future.

Ethereum Price
The price of Ethereum is gaining immediate support near $1,530, and closing candles above this level can potentially drive an uptrend in the price of Ethereum.

On the plus side, the ETH /USD pair has the potential to take ETH to $1,620 or even $1,680 levels.

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