Bitcoin Price Struggles to Find Support But Could See a Fresh Increase Soon

Bitcoin's price has been remarkably high, with a brief dip below the $22,500 support level.

Arslan Butt•Tuesday, February 7, 2023•1 min read

Bitcoin’s price has been remarkably high, with a brief dip below the $22,500 support level. But there are positive signs: if BTC manages to stay above this point, then it may begin an upward trend soon.

BTC has been on a downward trend and has even dropped below the $22,800 threshold. It approached support level of $22,600 but was unable to sustain that level for longer than a few hours.

The price has been forming a wavy pattern in the last few hours, and it is currently bouncing off a 23.6% Fibonacci retracement level of the latest dip from $23,590 to $22,599.

Bitcoin fell below $23,100, but is now trying to recover. There’s a resistance near $23,050, but the most significant barrier is in the area of $23,500.

On the hourly chart of BTC /USD, a big negative trend line has formed. The top level of support is near around $23,050 and if price violates this level, it will find resistance near the 50% Fib retracement level from the swing high to low dip of $22,599.

The price of bitcoin may continue to fall if it does not break through the $23,220 barrier. There is immediate support near $22,600. The next support level is at $22,500

Data shows that Any losses of $22,500 or more could lead the price to $21,500 soon. With any further loss, these levels could be reached.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.