{"id":10187,"date":"2023-02-04T18:45:53","date_gmt":"2023-02-04T18:45:53","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=10187"},"modified":"2023-02-04T18:45:54","modified_gmt":"2023-02-04T18:45:54","slug":"bitcoin-clings-to-23-5k-as-trader-says-btc-identical-to-2020-breakout","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10187","title":{"rendered":"Bitcoin clings to $23.5K as trader says BTC \u2018identical\u2019 to 2020 breakout"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) circled $23,500 on Feb. 4 as bulls refused to give up support in out-of-hours trading.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Bitcoin price conjures 2020 memories<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD holding a narrow range in place since the Feb. 3 Wall Street open. <\/p>\n<p>Macroeconomic data releases from the United States provided modest volatility but no overall trend change as traders bided their time heading into the weekend.<\/p>\n<p>Opinions on the longer-term outlook were mixed, however, with some maintaining that there was little reason to trust that Bitcoin\u2019s rally would continue.<\/p>\n<p>\u201cSeeing $50,000 calls already on Bitcoin and we have yet to complete a higher high and higher low market structure change,\u201d popular trader Crypto Tony summarized in part of a tweet on the day.<\/p>\n<p>More optimistic was fellow trader Credible Crypto, who doubled down on a theory that compared current BTC price action to that of late 2020, just after Bitcoin had passed its old 2017 all-time high.<\/p>\n<p>\u201cPrice action has developed beautifully off our lows, mimicking the bottom formation that preceded our last impulse from 10k-60k+. Current consolidation (circled in green) also looks identical to PA from that impulse,\u201d he wrote in an update to a corresponding Twitter thread. <\/p>\n<p>\u201cBTC may continue to pump while most wait for a pullback\u2026\u201d<em>BTC\/USD comparative charts. Source: Credible Crypto\/ Twitter<\/em><\/p>\n<p>Others were concerned about a turnaround in the fortunes of the U.S. dollar, which could impact risk assets across the board if it were to continue.<\/p>\n<p>The U.S. Dollar Index (DXY) was \u201cringing up alarm bells\u201d for popular trader Bluntz, who revealed a segue into stablecoins.<\/p>\n<p>\u201cAfter such a long and deep sell-off, do we think the DXY is already done on the upside? I don\u2019t. Lotta shorts to squeeze yet,\u201d macro investor David Brady commented\u00a0about the dollar\u2019s decline from twenty-year highs in Q3 2022.<\/p>\n<p><em>U.S. Dollar Index (DXY) 1-day candle chart. Source: TradingView<\/em><\/p>\n<h2>RSI poised for \u201cbullish continuation\u201d<\/h2>\n<p>Focusing on monthly timeframes, meanwhile, trader and analyst Rekt Capital eyed a potential cue for Bitcoin to dip before continuing higher.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin due new &#8216;big rally&#8217; as RSI copies 2018 bear market recovery<\/em><\/strong><\/p>\n<p>This came in the form of its relative strength index (RSI), which in January bounced from all-time lows to reclaim a key support level.<\/p>\n<p>While acknowledging that historically, Bitcoin markets \u201chaven\u2019t really seen double bottoms\u201d in RSI, he argued that there was still a chance that a higher low could come next.<\/p>\n<p>\u201cNow just reaffirming and keeping these levels consistent and stable \u2014 that\u2019s what we really want to see for bullish continuation, &#8221; he concluded in a YouTube video released on Feb. 3.<\/p>\n<p><em>Bitcoin relative strength index (RSI) annotated chart (screenshot). Source: Rekt Capital\/ YouTube<\/em><\/p>\n<p>A Twitter survey from Rekt Capital likewise delivered a narrow consensus that a dip should come for BTC\/USD.<\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-clings-to-23-5k-as-trader-says-btc-identical-to-2020-breakout\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) circled $23,500 on Feb. 4 as bulls refused to give up support in out-of-hours trading. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin price conjures 2020 memories Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD holding a narrow range in place since the Feb. 3 Wall Street open. Macroeconomic data releases from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10188,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-10187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10187","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10187"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10187\/revisions"}],"predecessor-version":[{"id":10189,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10187\/revisions\/10189"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10188"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}