FX.co ★ Technical analysis on Bitcoin for February 24th, 2023.

Violet lines- Fibonacci retracements

Green rectangle- horizontal support

Yellow rectangle - horizontal resistance

This past week Bitcoin challenged the $25,000 price level once again. Bulls failed attempt to break and stay above $25,000 led with more long upper tail candlesticks and a reversal signal after the rejection. Price turned lower towards the 38% Fibonacci retracement which is also key short-term support. Failure to stay above the 38% retracement will lead Bitcoin price lower towards the next support level at the 50% Fibonacci retracement at $23,300 area. Bitcoin remains vulnerable in the near term for more downside.