Bitcoin (BTC) has recorded a string of losses recently, with bears struggling to gain control over the maiden cryptocurrency’s price trajectory. Bitcoin has plunged below $24,000, which for now has invalidated the asset’s ability to reclaim $25,000 as the next support level.
Amid the uncertainty, senior analyst Jim Wyckoff highlighted that Bitcoin bulls still have the overall technical advantage. In his February 28 analysis, Wyckoff pointed out the bulls’ power has been fading, although it might only last for a while.
With Bitcoin’s momentum stalling partly due to refreshed anxiety around the United States macroeconomic outlook, the analyst acknowledged that the maiden crypto needs sustained buying pressure to reclaim previous highs.
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“Bulls still have the overall near-term technical advantage as a price uptrend is in place on the daily chart, but just barely. Bulls have faded recently and need to show fresh power soon to keep the uptrend alive and to keep their technical edge,” he said.
Bitcoin searching for support
Currently, Bitcoin is attempting to sustain support above $23,500, with $24,000 acting as a significant resistance level. Consequently, crypto trading expert and analyst Michaël Poppe highlighted some of Bitcoin’s next key positions to look out for.
In a tweet on February 28, Poppe pointed out Bitcoin can be lined for gains if it flips the $23,800 support.
“My thesis stands that I’m not interested until we’ll flip and break $23.8K for support. After the harsh rejection, it seems like we’ll have a period of consolidation in a relatively boring week. In that case, areas around $22.5K entry,” he said.
Bitcoin’s latest correction follows the February 27 release of the U.S. Durable Goods Orders data for January. The figure indicated a drop of 4.5% translating to worry among investors about the possibility of inflation and interest rate hikes. The concerns have emerged despite robust economic data.
Bitcoin price analysis
By press time, Bitcoin was trading at $23,528 with weekly losses of about 3.7%.
Interestingly, as February ends, Bitcoin is trading above the $20,254 value for the end of the month set by the crypto community on CoinMarketCap.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
