The next resistance could be near the $24,200 level. More gains could send the price of BTC towards the $25,000 level.
The price of Bitcoin (BTC) is returning to levels close to $23,000. For the moment, the cryptocurrency has reacted little to the release of new macroeconomic data. On paper, it could go up to $27,000, without the whales getting involved.
Bitcoin price rises to $23,273 on Bitfinex on January 26, 2023. The cryptocurrency is trading at $23,038 right now. Markets are currently entitled to a Doji candle pattern.
The founder of trading firm Eight, Michaël van de Poppe, returned to the previous day’s bullish momentum, which saw Bitcoin test levels around $23,600, and which was followed by relatively quick rejection.
Michaël van de Poppe then referred to the US GDP data release, wondering if the numbers would “push the price to new highs” or if markets would see the price of Bitcoin return below $22,900, “which means lower prices in the future.”
BTC Markets Undecided on US GDP
The US Department of Commerce announced today that GDP for the fourth quarter of 2022 grew at an annualized rate of 2.9%, against forecasts of 2.8% by economists surveyed by the Dow Jones.
The CNBC article published earlier in the day specifies that this growth rate is slightly lower than that observed during the third quarter, which amounted to 3.2%.
Will these statistics ease or increase fears among economists and investors about the possibility of a US recession this year? The Bitcoin price seemed to have little reaction to the release of these figures, with indecision seeming to be reigning in the markets right now.
Key Levels for Bitcoin Price, according to Whales
After Bitcoin’s recent plunge to levels near $22,000, and the rise that brought it closer to $24,000, how low can the cryptocurrency go or go anytime soon?
The Whalemap team shared a chart showing the existence of major support and resistance areas respectively at $21,300, and for $27,100, based on areas of concentration of whales.
There is a gap in the projections where, theoretically, therefore, whales should not exert a significant influence on changes in the price of Bitcoin.
Bitcoin failed to hold above $23,400, which acts as major resistance on a weekly basis. Will today’s Doji candle pattern be followed by another attack from this level or a bearish correction, which would take the cryptocurrency to around $22,000 in the very short term?
It would be worth considering the following technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Main support levels: $22,500, followed by $22,400.
Major Resistance Levels: $23,000, $23,150, and $23,500.
By Audy Castaneda
