While January was a great month for bitcoin (BTC), February has been disappointing from the start. The price is trading below $23,000 at the time of writing after failing to steam above $24,200. What should you pay attention to this week? In this article you can read a brief overview of the current state of affairs and read on which days important events are happening.
Bitcoin price review
First, a quick look back at last week. The week initially started with a rise in bitcoin price after the US central bank went for a small interest rate hike. A few days later, however, it turned out that the bulls could not sustain this momentum.
The new downward pressure arose, among other things, after new data from the US on the unemployment figures turned out positive. This makes it less likely that the central bank there will cut interest rates in the short term, which is negative for risk on assets like BTC. So this added more uncertainty to market sentiment.
BTC price preview
At the time of writing, bitcoin is worth $22,861 on crypto exchange Coinbase. This means that the bitcoin price in euros is now €21,215 on the Dutch Bitvavo. Now bitcoin by the support when $23,000 seems to be falling, the next major support zone is slowly coming into view again.
That zone is at about $22,500. If bitcoin also falls through this in the coming days, the $ 21,600 is the next possible stop where the price can find support. Analyst Rekt Capital sees through the somewhat disappointing close of the weekly candle however, there is a possibility that bitcoin will fall even further.
#BTC is failing its retest of ~$23400 for the time being
Important $BTC can Weekly Close above this level for a chance at upside
August 2022 shows that a failed retest could see BTC drop deeper in the blue-blue range
Technically, reset still in progress#Crypto #Bitcoin https://t.co/cwU7tx5hvA pic.twitter.com/yDxZ22KJ8j
— Rekt Capital (@rektcapital) February 5, 2023
Important economic data this week
As always, bitcoin is very sensitive to new data coming out about the economic state of affairs, as we saw well last week. This week, however, is relatively quiet compared to last week. The following events can potentially cause volatility:
- Monday February 6: President of the European Central Bank (ECB), Christine Lagarde, speaks.
- Tuesday February 7: Chairman of the United States Central Bank (Fed), Jerome Powell, speaks.
- Thursday, February 9: Publication of German annual inflation figures (CPI) for January.
- Friday February 10: Publication GDP figures of the United Kingdom.
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