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Bitcoin (BTC) Price Analysis for February 4

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Sat, 4/02/2023 - 14:13
Bitcoin (BTC) Price Analysis for February 4
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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Bulls are not giving up as all the top 10 coins are in the green zone.

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Top 10 coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has almost not changed since yesterday, going up by 0.06%.

BTC/USD chart by TradingView

On the hourly chart, the price of Bitcoin (BTC) has broken the local resistance at $23,460. If buyers can hold the gained initiative, growth may continue to the $23,700-$23,800 zone until the end of the day, as enough energy has been accumulated for such a move.

BTC/USD chart by TradingView

On the bigger time frame, the price keeps trading in the wide channel as neither side has accumulated enough power for a further sharp move.

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Ethereum (ETH) Price Analysis for February 3

However, if the rate returns to the $24,000 zone, the growth may lead to a test of the resistance at $25,212 soon.

BTC/USD chart by TradingView

From the midterm point of view, the rate has made a false breakout of the $23,954 mark, which means that buyers might have found some obstacles on the way. In this case, the more likely scenario is sideways trading in the range of $23,000-$24,000 for the next week.

Bitcoin is trading at $23,515 at press time.

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