Bitcoin February 9, 2023 – Deserved Correction

decline – After going back and forth on both sides of the $23,000 over the past few days, the Bitcoin (BTC) price falls below $22,000. Its price is now not too far from the one-week open level that marked the crypto winter.


Bitcoin price below $22,000

Bitcoin price drops as low as $21,724 on Bitfinex today, February 9, 2023. The cryptocurrency is trading at $21,800 at the time of writing this article. Its price is currently recording a daily loss of around 5%.

Bitcoin therefore returns below the $22,000 mark. Some traders, like the founder of trading firm Eight, Michael van de Poppe, considered this fall like an opportunity to “buy the dips”. Other traders or analysts instead provide key levels to watch, which could serve as support, following this long Bitcoin price drop.

the trader Rekt Capital thus recalled that the cryptocurrency failed to close last week above the resistance of $ 23,400, after having managed to do so the previous week.

Bitcoin price: rejection at $23,400
Publication of Rekt Capital – Source: Twitter

The test for this level therefore ended in failure. Rekt Capital adds that Bitcoin price then drew a wick above $23,400 this week. The attack of this level was followed by rejections, ” which probably turned him back into resistance » – speaking of the $23,400.

Rekt Capital believes that “these are two key signs that contribute to the pursuit of a deeper decline in the blue zone. The lower limit of this zone is located around the $19,900. On paper, this level could thus constitute an ultimate support, if the fall continues in the next few days.

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Whales, Tenkan, and FTX

The analysts of whalemap shared a graph, which shows areas of high whale concentration, which may correspond to major support areas. The closest support would be around the $20,850.

Bitcoin Price: Whale Concentration Area
Post from Whalemap – Source: Twitter

This potential support is a few tens of dollars near the Tenkan Sen (black line around $20,890) on a monthly basis.

BTC USD in monthly unit
BTC USD in monthly unit

Currently, the price of Bitcoin is not very far from the opening level of the week of November 6 ($21,313), which saw the collapse of FTX. On a weekly basis, this level has acted as resistance in the past (blue circle).

BTC price in weekly unit
BTC USD in weekly unit

The price of Bitcoin therefore recorded a sharp fall, while indicators are rather announcing strong increases in the short term. Is this pullback part and parcel of these bullish patterns, or is it just a reminder that the crypto winter is not over yet, and that a return below $20,000 is still possible?

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Last Verdict

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