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BTC Technical Analysis: Where Is Bitcoin Price Going In The Short Term?

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    BTC Technical Analysis: Where Is Bitcoin Price Going In The Short Term?

    Reflecting on the performance of Bitcoin (BTC) in the past, many assume that this digital asset will experience a fantastic price increase. However, this skyrocketing BTC price will not happen in the near future, because the price will consolidate first.

    As said by one of the top analysts, Rager through his Twitter account stated that in the 4-hour time frame, Bitcoin will still have difficulty regaining its position at US $ 24,000.

    “The potential for a break down is very likely to occur. Maybe this is an exciting time to keep rallying, but I will remain patient in the early positions," said Rager, Friday (3/2/2023)

    Meanwhile, judging from its week-long performance, BTC has been observed to perform positively, even as a very strong labor market raises questions about the Fed's next move on interest rates.

    From the latest data, the United States has created 517,000 jobs in January. This figure was 98% higher than the previous month, and 172% higher than expectations. This led to the unemployment rate, which fell to 3.4%, while the labor force participation rate rose to 3.4%.

    On the other hand, another well-known analyst, Rekt Capital, said that the current value of Bitcoin (BTC) at US$ 23,571 offers promising potential for the future. He argued that the weekly closing of BTC above US $ 23,400 was a turning point for the market's rise.

    “A weekly close above US$23,400 offers promising potential. For any upside opportunity, BTC must hold $23,400 as support. Because, in August 2022 BTC failed its retest and dropped back into the blue-blue range. Key retest is underway,” concluded Rekt Capital.

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