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Technical analysis: Bitcoin chart hints at new corrections

Bitcoin and Ethereum start the new week in the red

The lowest point of this correction is at $ 22,519, after which the price jumped up again. With the current price, Bitcoin on the hourly chart is once again hanging below the 100-hour moving average, which is often a major support or resistance line. In recent days, the price jumped from that point a number of times, but on January 30, Bitcoin lost support there.

More corrections coming?

If Bitcoin fails to climb back up to $23,500, we may fall further. We encounter the first support around the price of $ 22,650, making it a point to keep an eye on. Especially if you trade on a daily basis. For people who buy Bitcoin purely to hold it for a longer period of time, it is less interesting to keep an eye on things like the hourly chart.

After the price of $22,650, we have to set our eyes on the $22,500 mark. After all, Bitcoin recently jumped from there to the current price of almost $ 23,000. It is possible that Bitcoin will remain a bit indecisive until Wednesday’s new interest rate decision from the Federal Reserve.

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