Bitcoin price hits 2-week low amid warning $22.5K loss means fresh dip

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: “Something feels off” about BTC strength

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it traded around $22,700 on Bitstamp.

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.

“We 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,” popular trader Crypto Tony summarized in part of Twitter coverage.

BTC/USD annotated chart. Source: Crypto Tony/Twitter

Fellow trader Crypto Chase likewise forecast that Bitcoin was “more likely to go lower if 22.3k is tagged.”

In an update to analysis from Feb. 8, fellow Twitter account TraderSZ showed Bitcoin dropping below $23,000, which he had warned would mean “moving hard lower.”

“BTC – clean break below dashed line then I think we get moving hard lower. Expansion phase very soon,” he wrote at the time.

“It’s 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.”BTC/USD annotated chart. Source: TraderSZ/Twitter

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.

“The dollar looks washed,” trader and podcast host Scott Melker, known as “The Wolf Of All Streets,” reacted, arguing that DXY weakness could continue to serve risk assets.

“Classic 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.”U.S. Dollar Index (DXY) 1-day candle chart. Source: TradingView

Sellers cement $22,800 resistance

The day’s U.S. macroeconomic data, meanwhile, had little perceptible impact on crypto markets.

Related: Arthur Hayes bets on Bitcoin, altcoin surge in H1 2023 as he buys…



Recommended For You

Leave a Reply

Your email address will not be published. Required fields are marked *