Bitcoin (BTC<\/a>) circled $23,500 on Feb. 4 as bulls refused to give up support in out-of-hours trading.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD holding a narrow range in place since the Feb. 3 Wall Street open. <\/p>\n Macroeconomic data releases from the United States provided modest volatility<\/a> but no overall trend change as traders bided their time heading into the weekend.<\/p>\n Opinions on the longer-term outlook were mixed, however, with some maintaining that there was little reason to trust that Bitcoin\u2019s rally would continue.<\/p>\n \u201cSeeing $50,000 calls already on Bitcoin and we have yet to complete a higher high and higher low market structure change,\u201d popular trader Crypto Tony summarized<\/a> in part of a tweet on the day.<\/p>\n More optimistic was fellow trader Credible Crypto, who doubled down on a theory that compared current BTC price action to that of late 2020, just after Bitcoin had passed its old 2017 all-time high.<\/p>\n \u201cPrice action has developed beautifully off our lows, mimicking the bottom formation that preceded our last impulse from 10k-60k+. Current consolidation (circled in green) also looks identical to PA from that impulse,\u201d he wrote<\/a> in an update to a corresponding Twitter thread. <\/p>\n \u201cBTC may continue to pump while most wait for a pullback\u2026\u201d<\/p><\/blockquote>\n Others were concerned about a turnaround in the fortunes of the U.S. dollar, which could impact risk assets across the board if it were to continue.<\/p>\n The U.S. Dollar Index (DXY) was \u201cringing up alarm bells\u201d for popular trader Bluntz, who revealed<\/a> a segue into stablecoins.<\/p>\n \u201cAfter such a long and deep sell-off, do we think the DXY is already done on the upside? I don\u2019t. Lotta shorts to squeeze yet,\u201d macro investor David Brady commented<\/a>\u00a0about the dollar\u2019s decline from twenty-year highs in Q3 2022.<\/p>\n Focusing on monthly timeframes, meanwhile, trader and analyst Rekt Capital eyed a potential cue for Bitcoin to dip before continuing higher.<\/p>\n Related:\u00a0Bitcoin due new ‘big rally’ as RSI copies 2018 bear market recovery<\/a><\/em><\/strong><\/p>\n This came in the form of its relative strength index (RSI), which in January bounced from all-time lows to reclaim a key support level.<\/p>\n While acknowledging that historically, Bitcoin markets \u201chaven\u2019t really seen double bottoms\u201d in RSI, he argued that there was still a chance that a higher low could come next.<\/p>\n \u201cNow just reaffirming and keeping these levels consistent and stable \u2014 that\u2019s what we really want to see for bullish continuation, ” he concluded in a YouTube video<\/a> released on Feb. 3.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/d0c68744-e2f0-42fd-958c-0121fb6f6c1a.png\")
Bitcoin price conjures 2020 memories<\/h2>\n
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RSI poised for \u201cbullish continuation\u201d<\/h2>\n
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