Bitcoin continues to ‘mirror’ 2017 as weekend sees third attack on $25K
Bitcoin (BTC) hit $25,000 for the third time on February 19 as the week’s all-important close approached.
Analysis warns of whale movement
Data from Cryptooshala Markets Pro and trade view showed BTC/USD reaching $25,038 on Bitstamp.
After hours, the bulls continued to insist on a reversal of a key support-resistance level, which marked the beginning of a major resistance cloud that included several long-term trend lines.
With all that could be hoped for by the close of the week, the atmosphere among traders was tense.
“Sunday price action can usually only be trusted in the direction of the daily close. Other than that, we can only hope that it stays in its current range.” – Josh Rager, a popular trader. recognized on Twitter.
Analyzing Binance order book activity, monitoring resource Material Indicators warned that major players are still manipulating the spot price by moving supply and demand levels.
#FireCharts 2.0 (beta) shows that “they” just cleared the way to $25.2k, but “they” also took down the proverbial staking wall and lowered it to ~$23,450.#Management of risks for W. pic.twitter.com/RFKTc0CfYT
— Material indicators (@MI_Algos) February 19, 2023
“The infamous BTC buy wall has moved AGAIN!” This wrote in the previous update.
“It looks like they are trying to push the price to their own offerings. If they can attract enough buyers to make $25K, then up to $26K there will be little friction, and up to $30K there will be nothing. It is not known how long they will be able to do this. I’ll be happy to play.”
At the time of writing, volatility continued to decline in spot markets, with more than six hours remaining until the close of the UTC weekly candle.
Comparison to 2017 suggests ‘big move’ next week
At the same time, the long-term outlook served as a reason for calm for Decentrader’s intraday trading package.
Bitcoin Faces ‘Do or Die’ Weekly, Monthly Close with Macro Bullish Trend at Stake
Comparing the current price behavior to the previous four-year Bitcoin halving cycle, the firm argued that everything was in fact according to historical norms.
“The recent move from $17K to $23K is in line with the move in 2017 around the 1,000-day mark,” the post reads. tweeted along with an explanatory diagram.
“The price fluctuated and moved slightly higher for 30 days and then made another big move of about the same size. If Bitcoin continues to reflect 2017, we could expect a big move this week.”
CEO of Decentrader Filbfilb additionally declared that $180,000 was the “target” of the BTC/USD rise.
“I’ll work with rational later, but that’s the short form,” he added.
The views, thoughts and opinions expressed here are those of the authors only and do not necessarily reflect or represent the views and opinions of Cryptooshala.
Credit : cointelegraph.com