Bitcoin (BTC) has seen a string of losses of late, with bears struggling to gain control of the first cryptocurrency’s price action. Bitcoin has fallen below $24,000 which has wiped out the asset’s ability to reclaim $25,000 as the next level of support for now.
Amid the uncertainty, senior analyst Jim Wyckoff emphasized that Bitcoin bulls still have the overall technical advantage. In his Feb. 28 analysis, Wyckoff indicated that bulls’ power has waned, although it may only last for a while.
With Bitcoin’s momentum faltering in part due to renewed concerns about the United States’ macroeconomic outlook, the analyst conceded that the first crypto needs sustained buying pressure to reclaim previous highs.
“Bulls still have the overall short-term technical advantage as price uptrend is present on the daily chart, but only marginally. The bulls have faded lately and will need to show renewed vigor soon to keep the uptrend alive and maintain their technical lead,” he said.
Bitcoin price analysis chart. Source: TradingView
Bitcoin is looking for support
Currently, bitcoin is attempting to hold support above $23,500 with $24,000 acting as a significant resistance level. Consequently, crypto trading expert and analyst Michaël Poppe highlighted some of Bitcoin’s next key positions to watch out for.
In a Feb. 28 tweet, Poppe indicated that Bitcoin could wait for gains if it flips the $23,800 support.
“My thesis is that I’m not interested until we flip and break $23.8k for support. After the harsh cancellation, we appear to be heading for a period of consolidation in what has been a relatively dull week. In this case, admission is about $22.5,000,” he said.
Bitcoin price analysis chart. Source: TradingView
Bitcoin’s latest correction follows the release of US January Durable Goods Orders data on Feb. 27. The figure pointed to a 4.5% drop, prompting investors to worry about the possibility of inflation and rate hikes. The concerns have emerged despite robust economic data.
Bitcoin price analysis
At press time, Bitcoin was trading at $23,528 with weekly losses of around 3.7%.
Bitcoin seven-day price chart. Source: Finbold
Interestingly, at the end of February, Bitcoin is trading above the month-end level of $20,254 set by the crypto community on CoinMarketCap.
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