- BTC price suffers a fresh decline below $23,000 as the price could go lower to a region of $21,500
- BTC price needs to hold above $21,500 to avoid bears from taking over price as this could lead to price retesting lower regions
The price of Bitcoin (BTC) suffered a fresh setback as the price has failed to rally to a regional high of $25,000, as speculated by many, as the price faces constant rejection in a bid to break past $24,000 with fewer buy orders.
BTC’s price saw a major rally in January as the price maintained an impressive run from a region of $15,700 to a high of $24,000 as the price moved over 40% from its lows but on the high and low timeframes.
Reading: Bitcoin has Outperformed Gold, Silver, and Stocks in 2023
With the price of Bitcoin entering the new month of February, many have begun to speculate if the price of BTC could maintain its impressive run that has created some relief bounce across the crypto market.
The price of BTC continues to look weak on lower timeframes as there is no certainty we could experience a minor retracement to the region of $21,500 or lower. There have been rumors of the price of BTC finding a bottom or the worst is yet to come.
Bitcoin (BTC) Price Analysis On The Four-Hourly Chart
The price of BTC on the four-hourly (4H) continues to look weak as the price got rejected from $23,000, which corresponds to the 50 Exponential Moving Average (EMA) acting as resistance for the price of BTC.
If the price of BTC loses the region of $22,500, we could see the price drop to the point of $21,500, which corresponds to the 200 EMA acting as support for the price of BTC. The region of 38.2%, according to the Fibonacci retracement value, acts as a support for BTC.
BTC Major Resistance On The 4H – $23,000
BTC Major Support On The 4H – $21,500
Image from Marketwatch, chart from tradingview
