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BTC: high volatility

Fundamental analysis:
Bitcoin remained oscillating around 17204. Bitcoin mining company HIVE Blockchain produced a total of 4752 bitcoins in 2022, a year-on-year increase of 18%. As of today, HIVE holds a total of 2,348 bitcoins, worth over $38 million. According to HIVE, in the fourth quarter of 2022, HIVE strategically sold some bitcoins to increase cash reserves and fund expansion opportunities in bear markets.

Bitcoin BTCUSD - 4-hour K-line chart shows:

Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum in the market continues to fluctuate and rise. After the short-term bullish sentiment has risen, it retreats when encountering resistance. The MACD indicator is in the bullish zone, and the RSI indicator is in the bullish zone.
Long-short turning point: 17156
Repression: 17269, 17338
Support: 17074, 16997
Trading strategy: Bullish above 17156, target 17269, 17338
Alternative strategy: bearish below 17156, target 17074, 16997

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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