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BTC: short-term consolidation

Fundamental analysis:

Bitcoin remained oscillating around 23360. Coin ATM Radar data shows that in the first two months of 2023, there will be a net decrease of 412 encrypted currency ATMs installed globally. The total number of crypto ATMs has risen steadily since 2014. In the year December 2020 to January 2022, more than 1,000 cryptocurrency and bitcoin ATMs were installed each month.

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

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum maintains shock consolidation, the market as a whole is in a consolidation trend, the MACD indicator is hovering below the 0 axis, and the RSI indicator is in a weak consolidation near the 50 balance line;

Long-short turning point: 23253

Suppression: 23587, 23802
Support: 22987, 22750

Trading strategy: Bullish above 23253, target 23587, 23802
Alternative strategy: bearish below 23253, target 22987, 22750

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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