"Investors have to remember not to rush if you don't want to get caught."
The price of the cryptocurrency king Bitcoin (BTC) sees a significant rise in January 2023 past the $24,000 level, where so far the price has fallen back to around $22,800 but it may be expected to bounce back this week.
According to Rekt Capital, a leading technical analyst, BTC's strongest resistance level is at $23,400 as the price continues to hover in that zone.
He added that BTC was found to be able to jump even higher when its price managed to break through the $23,400 level but if the opposite happens then the digital asset will plunge to the next lowest level.
While the analyst named Ali Martinez thinks that the latest price of BTC is the best opportunity for investors to buy it as the digital asset will not only return to the $23,500 zone but even surpass $25,000 if macroeconomic factors remain positive.
Even so, BTC's downward move to retest the price is likely following last week's close that saw the digital asset slip back below the $23,000 level, Martinez commented.
It should also be noted that BTC is said to plunge more drastically if the price closes below its current support level at $22,800 while the nearest resistance zone is located at $22,945.
As of this writing, BTC is currently at the price level of $22,838 with a jump of 0.95% in the last 1 hour compared to a decrease of almost 0.62% over the last week.
