{"id":10271,"date":"2023-02-09T16:21:47","date_gmt":"2023-02-09T16:21:47","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=10271"},"modified":"2023-02-09T16:21:47","modified_gmt":"2023-02-09T16:21:47","slug":"bitcoin-price-hits-2-week-low-amid-warning-22-5k-loss-means-fresh-dip","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10271","title":{"rendered":"Bitcoin price hits 2-week low amid warning $22.5K loss means fresh dip"},"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) stayed lower at the Feb. 9 Wall Street open as a sweep of local lows increased bets of a more serious comedown.<\/p>\n<p><em>BTC\/USD 4-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Trader: \u201cSomething feels off\u201d about BTC strength<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it traded around $22,700 on Bitstamp.<\/p>\n<p>The pair had dipped to $22,378 earlier in the day, marking its lowest levels since Jan. 25 and a reinforcement of $22,400 as an important zone to watch.<\/p>\n<p>\u201cWe tapped the swing low at $22,500 followed by a bounce. I would look for the bears to escalate the drop once we lose that low,\u201d popular trader Crypto Tony summarized in part of Twitter coverage.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Crypto Tony\/Twitter<\/em><\/p>\n<p>Fellow trader Crypto Chase likewise forecast that Bitcoin was \u201cmore likely to go lower if 22.3k is tagged.\u201d<\/p>\n<p>In an update to analysis from Feb. 8, fellow Twitter account TraderSZ showed Bitcoin dropping below $23,000, which he had warned would mean \u201cmoving hard lower.\u201d<\/p>\n<p>\u201cBTC &#8211; clean break below dashed line then I think we get moving hard lower. Expansion phase very soon,\u201d he wrote at the time.<\/p>\n<p>\u201cIt\u2019s still support for now, but idk something feels off. Im@happy to catch something above jan high if market rips higher. Gut feel says lower first.\u201d<em>BTC\/USD annotated chart. Source: TraderSZ\/Twitter<\/em><\/p>\n<p>United States equities were marginally higher at the open, while the U.S. Dollar Index (DXY) saw a comedown on the day, dropping back below the 103 mark.<\/p>\n<p>\u201cThe dollar looks washed,\u201d trader and podcast host Scott Melker, known as \u201cThe Wolf Of All Streets,\u201d\u00a0reacted, arguing that DXY weakness could continue to serve risk assets.<\/p>\n<p>\u201cClassic retest of strong support as resistance at 103.82. Also starting to look like a potential head and shoulders top. Lots of signals that this little bull run will continue.\u201d<em>U.S. Dollar Index (DXY) 1-day candle chart. Source: TradingView<\/em><\/p>\n<h2>Sellers cement $22,800 resistance<\/h2>\n<p>The day\u2019s U.S. macroeconomic data, meanwhile, had little perceptible impact on crypto markets.<\/p>\n<p><strong><em>Related:\u00a0Arthur Hayes bets on Bitcoin, altcoin surge in H1 2023 as he buys BTC<\/em><\/strong><\/p>\n<p>This came in the form of jobless claims, which, at 196,000, neared one-year highs and beat expectations by 6,000 \u2014 the \u201chot\u201d result analysis argued was being hoped for by the Federal Reserve.<\/p>\n<p>Weaker employment data notionally bolsters the idea that restrictive economic conditions are working, and a reversal could thus be on the cards sooner.<\/p>\n<p>\u201cJobless claims 196k, but four-week average still trending toward historic lows,\u201d CNBC host Carl Quintanilla additionally noted.<\/p>\n<p>The week prior had seen blockbuster jobs data capture the lowest U.S. unemployment since the late 1960s.<\/p>\n<p>Immediately prior to the report being issued, the composition of the BTC\/USD order book on Binance showed resistance strengthening at $22,800.<\/p>\n<p><em>BTC\/USD order book data (Binance). Source: Material Indicators\/Twitter<\/em><\/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-price-hits-2-week-low-amid-warning-22-5k-loss-means-fresh-dip\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) stayed lower at the Feb. 9 Wall Street open as a sweep of local lows increased bets of a more serious comedown. BTC\/USD 4-hour candle chart (Bitstamp). Source: TradingView Trader: \u201cSomething feels off\u201d about BTC strength Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it traded around $22,700 on Bitstamp. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10272,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-10271","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\/10271","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=10271"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10271\/revisions"}],"predecessor-version":[{"id":10273,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10271\/revisions\/10273"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10272"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}