FX.co ★ Bitcoin analysis for February 7th, 2023.

Blue lines- bearish RSI divergence

Green line- support trend line

Bitcoin has made no real progress since yesterday. Price continues to move sideways around $23,000 as price is hovering above the short-term support trend line at $22,600-$22,700. Short-term oscillators suggest that a deeper pull back should follow. However as long as price stays above the green trend line, bulls have hopes for another move higher towards $25,000. Upside potential is limited while downside potential is much higher. It is very risky to be opening new long positions above $22,700 unless you are looking to reverse position on a break below the support level.