Week 7 BTC Bitcoin Analysis

by Feb 13, 2023Bitcoin Weekly Analysis, Weekly Analysis0 comments

The analysis from the last week indicated that Bitcoin’s downward trend had begun. And it dropped to the $21,000 channel, as predicted by the analysis. For week 7 BTC Bitcoin analysis, although the price chart decline was technically anticipated, external factors such as US unemployment claim statistics and the digital currency staking restriction law led Bitcoin’s upward trend to break in the 4-hour timeframe.

BTCUSDT Chart for Week 7 BTC Bitcoin Analysis

According to the current position of USD.T, Bitcoin is predicted to increase again to the $22,000 area before descending to $18,500 to finish the bearish wave. Of course, this move will take some weeks.

USD.T Chart for Week 7 BTC Bitcoin Analysis

Week 7 BTC Bitcoin Analysis brings one of the most crucial economic data points of the year: the US Core Inflation Rate. This data, according to Mr. Powell’s statements last week, which were exceedingly contractionary, can have a significant influence on the market. If this index increases, the possibility of the interest rate increase will go up and market participants will take risks and the price will correct more.

See also  Week 2 (2023) BTC Bitcoin Analysis

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