Bitcoin, Ethereum, Dogecoin Slide: Analyst Sees Apex Crypto Bouncing To $28K If It Breaks This Level

Major coins traded flat on Monday evening, as the market capitalization fell 0.72% to $1.06 trillion, recorded at 8:30 p.m. EST.

What Happened: The largest cryptocurrency by market value, Bitcoin BTC/USD, dipped below $23,000. Ethereum ETH/USD  was changing hands at $1,624, down 0.69% in the last 24 hours. Dogecoin DOGE/USD was down 2.66% in the last 24 hours, pushing its price to $0.090. 

U.S. equities markets opened in the red on Monday, as investors weighed the potential impact of the Federal Reserve's response to the jobs report. The S&P 500 dropped 0.6% and the Nasdaq Composite lost 1%, both declining during the afternoon trading session.

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The unexpected strength of the employment report on Friday caused fresh worries as it drove Bitcoin below $23,000 over the weekend, following several attempts at breaching the $24,000 mark last week

Analyst Notes: “Bitcoin’s correlation with stocks and bonds remains but it could be ending soon. Bitcoin is not dropping as much as stocks but if the bond market selloff extends, downward pressure will remain. Bitcoin appears poised to trade in a range between $20,000 and $24,000 level until we get beyond the next inflation report. This week should be filled with Fed pushback that might keep risky assets vulnerable,” said Edward Moya, senior analyst at OANDA, in a note seen by Benzinga.

Veteran crypto trader Tone Vays on Monday warned his 123,000 YouTube subscribers that Bitcoin is struggling to sustain the rally it has seen over the past few months. Vays points out that the flagship cryptocurrency has seen an incredible 50% increase, from a low of $16,272 in November to as high as $24,229 - but is now facing serious resistance at the $25,000 level. 

"This thing went up way too far, way too fast," Vays cautioned. 

Crypto analyst Kaleo believes that everything except the Bitcoin price action below $24,000 is designed to test investor sentiment before a major upswing to $30,000. With a major breakout two weeks ago and consistent higher lows within the range, Kaleo is confident that an upward move out of this range is imminent and guaranteed to leave an immense impression.

Everything but of price action beneath $24K for Bitcoin is meant to shake you out before the giga-send to $30K+.

We saw a major HTF breakout two weeks ago, and consistent higher lows within the range since.

The move higher out of this range will happen, and it will melt faces.

— K A L E O (@CryptoKaleo) February 6, 2023

Crypto analyst Michaël van de Poppe called the current Bitcoin range lows a potential bullish rebound, saying if Bitcoin breaks through the $23,200 mark, it could be on its way to $26,000 to 28,000. He recommends a best, defensive long entry at $21,500. 

#Bitcoin currently on range low and could be bouncing from here.

People properly eagerly start to short, so cracking $23.2K is inevitably continuation towards $26-28K on the charts.

Best and defensive long entry; $21.5K. pic.twitter.com/9KdKvvceYl

— Michaël van de Poppe (@CryptoMichNL) February 6, 2023

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