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Bitcoin (BTC) Price Analysis for April 23

source-logo  u.today 23 April 2023 14:35, UTC

Buyers are not giving up so easily, according to the CoinMarketCap ranking.

Top 10 coins by CoinMarketCap


The price of Bitcoin (BTC) has increased by 1.19% over the last day.

BTC/USD chart by TradingView

On the hourly chart, the price is trading in the middle of the narrow channel between the support at $27,491 and the resistance at $27,757.

If closure happens near the $27,700 mark or above, the breakout may lead to a blast to the $27,900-$28,000 area tomorrow.

BTC/USD chart by TradingView

The rate of Bitcoin (BTC) has reached the zone of interest of buyers ($27,000-$28,000). If sellers' pressure continues and the bar closes near the support at $26,688, there is a chance to see a further drop to the $26,000 area next week.

BTC/USD chart by TradingView

A similar situation is on the weekly time frame. However, if a breakout happens, the drop can be more profound and lead to a decline to the $24,500-$25,000 zone. Such a scenario is relevant until mid-May.

Bitcoin is trading at $27,713 at press time.