empty
02.02.2023 10:33 AM
Technical Analysis of BTC/USD for February 2, 2023

Crypto Industry News:

Indian Finance Minister Nirmala Sitharaman presented the 2022-23 economic analysis to Parliament. The Economic Analysis is the annual flagship document of the Ministry of Finance, which presents the performance of India's economy in the previous financial year and presents the economic outlook for the current financial year.

Including cryptocurrencies for the first time this year, the economic study highlights the "need for a common approach to regulating the crypto ecosystem."

The 414-page document explains: "The recent collapse of crypto exchange FTX and the ensuing sell-off in crypto markets has highlighted gaps in the crypto ecosystem," explaining:

"Crypto assets are self-referential instruments and do not strictly meet the test of being a financial asset as they do not involve internal cash flows."

India's central bank, the Reserve Bank of India (RBI), has also repeatedly warned that cryptocurrencies have no intrinsic value, adding that they pose a threat to the country's financial stability. The RBI has recommended banning cryptocurrencies such as Bitcoin and Ethereum.

The Economic Survey also states that "U.S. regulators have disqualified Bitcoin, Ethereum and various other crypto assets as securities." However, the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, confirmed that Bitcoin is a commodity, but did not comment on Ethereum. Nevertheless, he stressed that most other tokens are securities.

Technical Market Outlook:

The potential corrective cycle in for of an ABC Zig-Zag pattern has been invalidated as the market made a new local high at the level of $24,248. A breakout above the level of $25,000 on BTC/USD is still needed in order to extend the rally towards the key mid-term technical resistance seen at $25,442, so there is still a room to the upside for bulls. The intraday technical support is seen at $23,950 and the key short-term technical support is located at $22,308.

This image is no longer relevant

Weekly Pivot Points:

WR3 - $24,554

WR2 - $23,983

WR1 - $23,640

Weekly Pivot - $23,412

WS1 - $23,069

WS2 - $22,842

WS3 - $22,271

Trading Outlook:

Despite the recent rally, the down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The gamechanging level for bulls is located at $25,442 and it must be clearly violated for a valid breakout in the longer term.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Bitcoin Forecast for May 23, 2025

On Thursday, Bitcoin's price reached the target level of 111,770. The Marlin oscillator appears to be lagging behind the price, giving the impression of a potential divergence — though unconventional

Laurie Bailey 04:45 2025-05-23 UTC+2

Bitcoin aims to hit $120,000? What lies behind its rally and when to expect retracement

On May 22, Bitcoin confidently broke through the $111,888 level, setting a new all-time high of $111,867. Unlike previous rallies marked by retail investor euphoria, this time the market's behavior

Ekaterina Kiseleva 16:12 2025-05-22 UTC+2

Bitcoin extending confident rally

Bitcoin demand appears to be surging, judging by its recent performance. At the time of publication, the BTC/USD pair was trading near 111,200.00, slightly down from today's and the all-time

Jurij Tolin 16:02 2025-05-22 UTC+2

Bitcoin: $115,000 — Next Stop or Bull Trap?

Bitcoin is steadily approaching its all-time high and, according to several analysts, is poised to set a new record. Current levels near $105,000 are more than just numbers — they

Ekaterina Kiseleva 00:58 2025-05-21 UTC+2

BTC/USD Analysis on May 20, 2025

The wave pattern on the 4-hour chart for BTC/USD has been becoming more complex in recent months. We observed a corrective downward structure, which completed its formation around the 75,000

Chin Zhao 11:11 2025-05-20 UTC+2

Technical Analysis of Daily Price Movement of Ethereum Cryptocurrency, Friday May 16, 2025.

If we look at the 4-hour chart, the Ethereum cryptocurrency appears to be moving above the WMA (21) which is a dynamic support where the WMA has a slope that

Arief Makmur 06:09 2025-05-16 UTC+2

Technical Analysis of Intraday Price Movement of Uniswap Cryptocurrency, Friday May 16, 2025.

On the 4-hour chart, the Uniswap cryptocurrency appears to have a Descending Broadening Wedge pattern, so even though the Uniswap price movement is moving below the WMA (21) which

Arief Makmur 06:09 2025-05-16 UTC+2

Bitcoin spikes from $96 600 to $104 500 in 24 hours

Bitcoin has surged to $104,500, after trading at $96,600 just yesterday morning. This confident move above the $100,000 mark clearly signals a return of strong bullish momentum in the cryptocurrency

Jakub Novak 14:49 2025-05-09 UTC+2

Trading Recommendations for the Cryptocurrency Market on May 9

Bitcoin has climbed above $100,000, while Ethereum is trying to consolidate above $2,000. After yesterday's sharp rally, which continued during today's Asian session, Bitcoin is now trading at $103,000, having

Miroslaw Bawulski 09:46 2025-05-09 UTC+2

Technical Analysis of Intraday Price Movement Ethereum Cryptocurrency, Friday May 09, 2025.

If we look at the 4-hour chart of the Ethereum cryptocurrency, it appears that the price movement is moving above the WMA (30 Shift 2) which also has a slope

Arief Makmur 06:27 2025-05-09 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.