On March 1, Bitcoin experienced a resurgence after a period of decline, which coincided with the release of the most recent consumer confidence report from the United States. The report revealed that consumer confidence had decreased in the previous month, which may indicate that the impact of increased interest rates is starting to take hold.
The decline in confidence suggests that consumers are becoming more cautious about their spending habits, which could have a ripple effect on the broader econ
After experiencing a decline on Tuesday, Bitcoin (BTC) made a comeback on Wednesday. This recovery occurred in the wake of the latest U.S. consumer confidence report, which showed a decrease in confidence to a reading of 102.9 for February. This was lower than the market’s expectations of a 108.5 reading.
The decrease in confidence may be attributed to the impact of rising interest rates on the economy, which is causing consumers to be more cautious with their spending. Despite this news, Bitcoin’s value showed signs of improvement, with BTC/USD hitting an intraday peak of $23,880.63 earlier in the day. This was a significant increase from the previous day’s low of $23,077.65
Bitcoin experienced a slight but notable surge that propelled its value just past a long-standing resistance level of $23,800, leading to a five-day high. This move was accompanied by a slight breakout on the 14-day relative strength index (RSI), which had previously been restricted by a ceiling of 54.00.
As of now, the RSI has climbed to 55.02, indicating a positive trend in the market. However, there is still a visible resistance zone at the 60.00 level that must be surpassed for the trend to continue on its upward trajectory
Bitcoin Price Succumbs to Resistance
The value of Bitcoin has been constrained around the levels of $23,650 and $23,950. Despite attempting to break above the $24,000 resistance level, Bitcoin failed and a peak was established near $23,977, leading to a fresh downturn in price. The price went below the $23,600 level and dipped below the 50% Fib retracement level of the upward movement from a $23,042 swing low to a $23,977 high.
However, the bulls have been active around $23,350 and $23,400. Currently, Bitcoin is trading above $23,320 and the 100 hourly simples moving average. It is also higher than the 61.8% Fib retracement level of the upward move from the $23,042 swing low to the $23,977 high.
On the hourly chart of the BTC/USD pair, a significant contracting triangle is forming with resistance near $23,600, and there is an immediate resistance zone around $23,550.
The $23,650 region is the first significant resistance. If there is a clear breakthrough above the $23,650 resistance level, a steady rise toward the $24,000 resistance zone may begin
If the price manages to break through the $24,200 zone, it could enter a bullish phase with the next key resistance level being $25,200
Bitcoin’s value has been fluctuating within a tight range with attempts to break above the $24,000 resistance level failing. However, the bulls have been active and currently, Bitcoin is trading above the 100 hourly simple moving average. A significant contracting triangle is forming on the hourly chart of the BTC/USD pair, and if the price manages to break through the $23,650 resistance level, a steady rise toward the $24,000 resistance zone may begin. Additionally, breaking through the $24,200 zone could result in a bullish phase with the next key resistance level at $25,200
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.