BTC/USD At Risk of Downside as Price Hits $23,000

Blockonomics
Bitcoin Price Prediction for Today, February 5: BTC/USD At Risk of Downside as Price Hits $23,000
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The Bitcoin price prediction shows that BTC remains at risk of more downsides before it could start a fresh increase to $25,000.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $23,143
Bitcoin market cap – $444.9 billion
Bitcoin circulating supply – 19.2 million
Bitcoin total supply – 19.2 million
Bitcoin Coinmarketcap ranking – #1

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Betfury

Resistance Levels: $27,000, $28,000, $29,000

Support Levels: $20,000, $19,000, $18,000

BTC/USD begins to decline as the king coin moves near the support level of $23,000 and settled below the 9-day and 21-day moving averages. The bears may continue to find some support levels below moving averages on the road to the lower boundary of the channel.

Bitcoin Price Prediction: BTC Price Resumes Downward Movement

The Bitcoin price touches the daily low at $23,012, which is below the opening price of $23,329. The king coin is likely to face the resistance level of $25,000 by looking forward to reclaiming the resistance level of $24,000. Besides, there was a break below a major bullish trend line with support near $23,500 on the daily chart of the BTC/USD pair. Nevertheless, the Bitcoin price is still hovering above $23,000 and within the 9-day and 21-day moving averages.

Meanwhile, the technical indicator Relative Strength Index (14) is moving below the 70-level, indicating a bearish movement. Therefore, if the Bitcoin price faces the upper boundary of the channel, it could hit the resistance levels of $27,000, $28,000, and $29,000, but any movement below the 21-day moving average could hit the supports at $20,000, $19,000, and $18,000.

BTC/USD Medium-term Trend: Ranging (4H Chart)

According to the 4-hour chart, the Bitcoin price heads to the downside as the technical indicator Relative Strength Index (14) slides below the 40-level. On the upside, if the Bitcoin price crosses above the 9-day and 21-day moving averages in the short term, bullish influence could spike, and the accrued gains massively.

BTCUSD – 4-Hour Chart

However, the current candle may target the support level at $22,300 and below, but the best the bulls can do is to hold the current market value of $23,099 and keep their attention on breaking the potential resistance at $24,000 and above.

Bitcoin Alternatives

The Bitcoin price could attempt a fresh increase above the $24,000 resistance zone and a clear move above this level might send the price further higher. Meanwhile, the MEMAG token is moving fast as over $2.7 million has been raised in presale so far. The crypto world is buzzing with excitement over the new crypto gaming project, which is developing Web3’s first dedicated mobile gaming platform.

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