|Performance after Wednesday 25-Jan|
Bitcoin (BTCUSDT) price for the week to-date gained 2.34% or 530.38 higher to 23,238.26. At time of writing into Thursday’s trading session, Bitcoin has increased by 2.86% over the past 24 hours. For the record, BTCUSDT is -66.34% below all-time high of 69,045.00. On Wednesday, BTC dropped -0.99% to 22,408.07.
On the daily timeframe, price is above 9-Day EMA and Stochastic oscillator is falling but in overbought zone, our analysis is that bullish momentum could be fading.
For the month-to-date, BTC is up by 40.48% or 6695.86 higher.
What can we expect from Bitcoin today?
Looking ahead for the day, immediate support level is at 22,233.69 (S1) with break below could see further selling pressure towards 22,059.32 (S2). For potential buyers, as the current momentum is falling, we prefer to look at firm break of the recent daily high of 22,715.06 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. Bitcoin need to break on either side to indicate a short-term bias. A close below 22,300.00 would indicate selling pressure.
For the week to-date, take note that Bitcoin is rising and up by 2.34% as the pair continued to trade higher in the past few days. Prior performance for the week ending 2023-01-22 was 8.80%.
Key levels to watch out:
Last updated: 01:05 am UTC, 26-Jan 2023
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