Bitcoin & Usdt.D Review and Price Analysis 05.02.2023

Bitcoin, following the ETF approval, tested the $38,500 support after the subsequent drop, and with the response received from this level, it first conquered the $40,200 resistance and then managed to secure the first resistance zone of $42,500 – $42,800, which was mentioned in our previous analysis as being where short liquidities are located.

Looking at the current view and price action, the support level of $42,150 – $41,800 continues to hold. As long as it maintains above this area, its target will be testing the significant level of $45,550. This level is expected to be tested as it represents both the correction of the decline on the daily chart and a imbalance level.

Usdt.D

For USDT.D, which continues its uptrend after the trend break and exhibits a bullish structure, the levels to monitor include the first support zone at %5.87- %5.83, with the first resistance at %6.14- %6.21. If the support zone is lost, the next level expected to provide a bounce is %5.55- %5.45. Alternatively, should the resistance level be breached, it may indicate Bitcoin could lose its support, hence it’s advised not to rush into new positions and to await a sign of reversal in the short term.

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