After a slump since the beginning of February, the price of Bitcoin (BTC) has once again surged, approaching the psychological level of $25,000 after Valentine's Day and spiking on Wednesday (February 15, 2023).
Although the US government is currently scrutinizing crypto, with the SEC attacking the Kraken crypto exchange and banning crypto staking services, the price of Bitcoin can still recover significantly. Some experts also believe that clearer regulations for crypto consumers will have a positive impact on the crypto industry going forward, particularly in the US.
Technical Analysis of Bitcoin Price
After rebounding from the $25,000 level, at the time of writing, the price of Bitcoin is still trying to recover after bouncing off the first support area (yellow box).
Looking at the RSI indicator that is moving away from the overbought territory, there is a possibility that the price will try to move lower again before forming a new support level.
If the price continues to fall, the yellow and red support areas will become potential bounce points, mapped out by the 0.382 and 0.618 Fibonacci Retracement levels.
It would be better if, when the price enters one of the support areas, the RSI has already entered the oversold territory. This indicates that the selling pressure is starting to ease and is ready to get better buying action.
Global sentiment will continue to play a role in investors' views on crypto. Therefore, sentiment such as inflation data and interest rate hikes will remain the main focus of market participants. [pc]
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