Bitcoin Price Holds Key Support But The Bulls Seem To Be Losing Steam

Jan 27, 2023 04:00 am Cryptocurrency 122

Bitcoin price failed to settle above $23,500 and corrected lower. BTC is trading above $22,400, but it is now trading below the 100 hourly SMA.

Bitcoin is slowly moving lower from the $23,500 resistance zone.

The price is trading below $23,000 and the 100 hourly simple moving average.

There is a key contracting triangle forming with resistance near $23,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a fresh increase if it clears the $23,000 resistance zone.

Bitcoin Price Faces Resistance

Bitcoin price attempted a fresh increase above the $23,500 resistance zone. However, BTC struggled to gain bullish momentum above the $23,800 level. A new yearly high was formed near $23,829 and the price started a downside correction.

There was a drop below the $23,200 and $23,000 support levels. The price even spiked below $22,500 and traded as low as $22,492. It is now consolidating losses above $22,500.

Bitcoin price is ..

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