Bitcoin on January 24, 2023 A resistance that resists

Obstacles and consolidation – The Bitcoin (BTC) price still fails to break through resistance above $23,000. In the absence of a bullish continuation in the very short term, a correction that would bring the cryptocurrency back to around $22,000 could occur in the coming days.

A possible return to $22,300 for Bitcoin price

Bitcoin price rises to $23,154 on Bitfinex today, January 24, 2023. The cryptocurrency is trading at $22,836 time of writing this article. The markets are currently entitled to a doji on a daily basis.

Bitcoin continues to hover around $23,000, swinging back and forth across this level. The founder of the trading company Eight, Michael van de Poppeshared a one-hour chart of the cryptocurrency’s price, while pointing out the existence of “crucial resistance” to $23,100.

Bitcoin price: towards a return to $22,300?
Publication by Michaël van de Poppe – Source: Twitter

Michaël van de Poppe also pointed out the $22,300 on the chart, believing that Bitcoin could test this level, if it continues to form new lower highs.

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Resetting the RSI and MACD before the next decisive move?

Do other analyzes support or refute this forecast of an eventual return to $22,300? In the very short term, the 5-hour Bitcoin price appears to have found support at Ichimoku’s Tenkan Sen (black line) around the $22,900.

BTC USD over 5 hours
BTC USD over 5 hours

Should this support at $22,900 give way, on this timeframe, the cryptocurrency could find support at the Kijun Sen (red line) around the $22,470.

But beyond these analyzes on the potential supports in the very short term for the price of Bitcoin which does not manage to break through the resistance around $23,100-$23,400, in fact, the markets must now wait. another strong signalto determine the most likely direction of the next move for the cryptocurrency.

While the latter has been consolidating for about four days, the analyst Matthew Hyland shared a 4-hour chart of the Bitcoin price, alongside the RSI and MACD, which “ slowly reset “.

Bitcoin price, RSI, and MACD
Posted by Matthew Hyland – Source: Twitter

The bulls are meeting major resistance in this $23,100-$23,400 area. A relatively large correction would decrease the chances of a weekly close, which would allow Bitcoin price to send a strong signal, relative to its supertrend color over this timeframe, about the start of another bullish rally.

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Last Verdict

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