BTC/USD daily chart

Bitcoin price stalled the uptrend after an aggressive push in January, that saw it recoup all the losses from the implosion of Sam Bankman-Fried’s FTX exchange. The bellwether cryptocurrency reached highs of $24,320 before retreating to test support at $22,630.

Although some analysts have called for a longer retracement to $22,000, BTC seems poised to take resistance at $24,000 in the shortest time possible. However, the fear of missing out (FOMO) will likely sweep in after Bitcoin price breaks and holds above $28,000 for gains aiming for $30,000.

Bitcoin Price Eagerly Holding Key Level At $23k

Bitcoin price continues to uphold its position above all the crucial moving average levels applied to the daily timeframe chart, starting with the 100-day Exponential Moving Average (EMA) (in blue), the 50-day EMA (in red), and the 200-day EMA (in purple).

Michaël van de Poppe, one of the leading crypto analysts, agrees that Bitcoin price is comfortably holding above key levels around $23,000, but leaning toward the ‘range-low’. In his opinion, there is a glaring possibility for the largest to sweep $21,700.

This would be a suitable and optimal long entry for bullish traders. However, the excitement in the market for higher levels could see Bitcoin price continue to highs between $26,000 and $28,000 from the current market position.

(2) Michaël van de Poppe on Twitter: “#Bitcoin still eagerly holding the levels of the range-low. I’m still favouring a sweep of $21.7K as the most optimal long entry, but people are so hyped to get in the markets that most-likely we won’t get it. In that regard, continuation to $26-28K seems likely.” / Twitter

Insight from Santiment, a leading on-chain analytics platform, suggests that February started on the wrong foot amid a huge drop from the excitement observed in January. Bitcoin and Ethereum are facing a gap left as investors retreated to absorb pressure from the United States Federal Reserve (Fed) decision to hike interest rates by 25 basis points.

Meanwhile, Santiment reveals that investors may shift their focus from Bitcoin and Ethereum to selected altcoins like HEX (HEX), T-mac DAO (TMG), and The Graph (GRT), which are up 64%, 70%, and 66% in seven days. Investors have been asked to be cautious with money seemingly cycling into mid/small caps with top-cap coins like Bitcoin and Ethereum remaining relatively unchanged.

(2) Santiment on Twitter: “📊 February hasn’t seen a repeat of excitement for #Bitcoin & #Ethereum like we saw in January. But #altcoins like $HEX (+64%), $TMG (+70%), and $GRT (+66%) have had other plans this past week. Be cautious, though, when money is cycling into mid/small caps without top cap rising.” / Twitter

Overhead pressure on Bitcoin price is still apparent, considering a sell signal sustained by the Moving Average Convergence Divergence (MACD) indicator since Monday last week. Notice the MACD line in blue sliding and expanding the divergence below the signal line in red.

If this momentum indicator closes the gap to the mean line and possibly enters the negative region below 0.00, then Bitcoin price could digress to lows around $21,700 and bring $20,000 into the picture.

BTC/USD daily chart

On the upside, Bitcoin price is not far from a golden cross pattern. A minor push above $23,000 could trigger the impact of the highly sought-after bullish pattern. Investors generally look for the 50-day EMA (red) crossing above the 200-day EMA (in purple) to ascertain the validity of an uptrend.

In the past, Bitcoin price has launched upswings with an average of 22% in gains within sixty days after the appearance of the golden cross pattern. On some occasions like in 2020 and 2021, BTC price exploded to new all-time highs after the formation of the golden cross.

Those with a technical understanding may agree that holding levels around $23,000 is not enough to keep Bitcoin price on a northbound move. Bulls should focus on pushing above $24,000 – a resistance outlined by the upper gray band to reinforce their grip on the price and clear the path for gains to $28,000.

Price action above the same level will likely keep investor interest in Bitcoin intact and stop the digression toward mid-cap altcoins and small-cap tokens. Notably, Bitcoin price must weaken resistance posed by the upper falling trendline to uphold a bullish outcome.

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