Bitcoin Technical Analysis: BTC above $24000 post FOMC Minutes

BTCUSDT Technical Analysis 23-02-2023

BTC/USD fell to $23574 during the FOMC minutes report announcement of 23rd Feb ( IST ), But soon recover and trading above $24300 at the time of writing.


14 Day RSI is above Midpoint at 60.47

BTC is trading in the upper range of $22800 and $24800 ( rectangle marked in purple color ), failed to break out above $25200 couple of times.

Breakout and Close above $25200 and converting it to support will open a doors to $32000 resistance which bears will protect with all their might, upon breaking it $40000 is a possibility.




What is Bitcoin?

Bitcoin is a virtual or digital currency operates peer-to-peer basis without any oversight of any central banks or government, based on cryptography, blockchain technology.

Bitcoin was created as a way for people to send money over the internet. The digital currency was intended to provide an alternative payment system that would operate free of central control but can be used just like traditional currencies.

Bitcoin blockchain is a public ledger to store the transactions. Anyone with a spare computer and good internet connection can setup his/her own node. Bitcoin nodes produce a Block every 10 minutes apart depending on network hashrate. 

Bitcoin transactions are transparent and visible to anyone over the internet, which makes it harder to use for criminal purpose.