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

Posted Tuesday, February 7, 2023 by
Arslan Butt • 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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