BTC Price Retreats: 5 Things to Watch This Week

Summary of the Article

  • Bitcoin is currently trading under $23,000 and making lower lows compared to last month.
  • The Federal Reserve will release macroeconomic data this week, which may lead to increased volatility in the markets.
  • BTC price failed to beat the previous weekly close and is still below a key resistance level from mid-2022.

Bitcoin Retests $20K: 5 Things to Know This Week

Bitcoin looks like it is treading on thin ice as February fails to match the gains of last month.

Current Market Status

[Bitcoin] starts the second week of February in a newly bearish mood as multimonth highs fail to hold. In what may yet bring vindication to those predicting a major BTC price come down, BTC/USD is back under $23,000 and making lower lows on hourly timeframes. Feb. 6 trading may not yet be underway in Europe or the United States, but Asian markets are already falling and the U.S. dollar is gaining — potential further hurdles for Bitcoin bulls to overcome.


Important Macroeconomic Data

[M]arket attention [is] mainly focused on next week’s inflation check in the form of January’s Consumer Price Index (CPI).In the build-up to this event, the results of which are already hotly contested, volatility may gain a fresh foothold across risk assets.


Possible Retest of $20K

[T]here are concerns that Bitcoin is long overdue for a more significant retracement than those seen in recent weeks,…[and with macroeconomic data from Federal Reserve this week],the recipe is there for difficult but potentially lucrative trading conditions..

< h3 >< strong >< em > Weekly Close Below Resistance Level
< p >< em > BTC / USD has managed to retain majority of its spectacular January gains,…However signs of a comedown are on cards as weekly close failed to beat previous one and represented rejection at key resistance level from mid- 2022 . „BTC is failing its retestof ~$23400 for time being,“ trader Rekt Capital summarized about topic Feb . 5 . An accompanying chart highlighted support & resistance zones in play . Technically ,retest still progress . …Add [macroeconimic data] concerns ,recipe there for difficult but potentially lucrative trading conditions ..

< h 3 >< strong >< em > Conclusion
< p >< em > Current market status indicate Bitcoin continues below $ 23 , 000 while also making lower lows hourly timeframes . Federal Reserve releasing macro economic data this week could further increase volatility across risk assets & there remain concerns that Bitcoin could be due more significant retracement than those seen recently . Weekly close this past weekend failed beat previous one & represented rejection at key resistance level from mid – 2022 , however technically retest still progress … it remains uncertain whether or not BTC will test $ 20 K soon …Only time will tell ! .

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