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02.03.202318:06 Forex Analysis & Reviews: Bitcoin analysis for March 2nd, 2023.

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Green rectangle - horizontal resistance

Bitcoin is under pressure today after getting rejected once again yesterday at the horizontal resistance level of $23,800. Bitcoin's second attempt to break above the horizontal resistance is failing. Price is now moving lower once again but bulls still have hopes as price continues to respect the $23,000 price level. Price continues to form higher lows despite the inability to break above the green resistance area. Current price action confirms the importance of the $23,800 level. What was once support is now resistance. As long as price is below it, Bitcoin remains vulnerable to a move lower towards $22,500-$22,000.

Alexandros Yfantis
Analytical expert of InstaForex
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