Bitcoin Price Analysis: Spooked Below 24000 - 4 February 2023

BTC/USD Technical Sentiment Fades:  Sally Ho's Technical Analysis – 4 February 2023 Bitcoin (BTC/USD) failed to sustain upward momentum early in the Asian session as the pair depreciated to the 23245.86 level after spiking to the 24148.37 area, with the interday low representing a test of the 200-hour simple moving average.  The recent surge to the 24262.18 area occurred after Stops were elected above the 24224.60 level, an upside price objective related to buying pressure that emerged around the 15460 and 20370.01 areas.

Timeline of Bitcoin

Bitcoin network fees are currently skyrocketing. An average transaction conducted over the bitcoin ledger now costs around US$1.53 (125p), having jumped around 40% in the past five days alone.

In Partnership With Ascend   Bitcoin and Ethereum, each with millions of users, need help with scalability since the blockchain technology used to underpin them wasn't designed for wide adoption when it was developed in the late 2000s. It might be possible to solve Bitcoin's problem with the Lightspark Lightning Network, a revolutionary second-layer blockchain upgrade.

Key Points: Willy Woo, an on-chain analyst, claims that institutional investors are quietly allocating to Bitcoin, sparking BTC rallies. Willy Woo, a well-known on-chain specialist, believes that institutions may be the driving force behind the current Bitcoin (BTC) increase.

Bitcoin (BTC) bull Michael Saylor's big bet may be about to backfire for his company MicroStrategy, after the firm on Thursday reported a massive loss for the fourth quarter of last year.

A pseudonymous crypto analyst shared an outlook on Bitcoin (CRYPTO: BTC) and altcoins Fantom (CRYPTO: FTM), Solana (CRYPTO: SOL)  and Cardano (CRYPTO: ADA). What Happened: Altcoin Sherpa told his 190,500 followers on Twitter that the longer Bitcoin hovers around $23,000 to $24,000, the more bullish he is.

Traditional markets are giving the first signals of a bullish trend reversal. The chart of the S&P 500 (SPX) has just generated a golden cross - a bullish signal that is usually a confirmation of upcoming increases.

Bitcoin retreated from a six month high on Feb. 3, as bears reentered the market ahead of today's U.S. non-farm payrolls (NFP) report. Following a move above the $24,000 level on Thursday, sentiment shifted, as traders prepared for the pivotal report, which is expected to come in at 185,000.

As the dust settles after Thursday's crypto surge following the Federal Reserve FOMC meeting, it still remains to be seen whether bitcoin and altcoins will continue their upwards trend since January 1. Bitcoin slowing down?

Ark Investment Management CEO Cathie Wood said that Bitcoin (CRYPTO: BTC) provides the greatest protection against wealth confiscation and an insurance policy for the developing world. What Happened: Wood said there's  “hyperinflation all over the world as their currencies have fallen apart,” and  “those populations need a fallback — an insurance policy like Bitcoin.

Robert Kiyosaki, a well-known entrepreneur and author of the personal finance book “Rich Dad, Poor Dad,” has long advised investors to purchase gold, silver, and bitcoin. He previously explained that he is an investor and not a trader in bitcoin, thus he feels thrilled when the price of the most popular cryptocurrency drops.