FX.co ★ Bitcoin technical analysis for February 22nd, 2023.

Yellow rectangle- resistance

Violet lines- Fibonacci retracement levels

Bitcoin is making new lows relative to yesterday and is pulling back towards $23,500. Price got rejected once again around the $25,000 price level. So far price has retraced 38% of the last leg up and next support is found at $22,860 and the 61.8% Fibonacci level. Bitcoin could continue lower towards the 61.8% support, but bulls remain safe as long as price is above the February 13th lows at $21,380. As long as this is the case, price could form a higher low and start a new upward move targeting $30,000. Failure to defend $21,380 will open the way for a deeper correction as price is still trapped inside a multi month sideways trading range. The lower part of the range is at $17,000-$16,000 area, while we are now trading just below the upper part of that range.