Bitcoin (BTC) hit a six-month high on Feb. 21 as the latest attempt to flip $25,000 in support ended in failure.
Bitcoin Not Settled Before Wall Street Opens
Data from Cryptooshala Markets Pro and trade view showed BTC/USD reaching $25,250 on Bitstamp.
A firm rejection on the hourly chart saw the pair bounce back below $24,750, maintaining a trading range over the weekend.
Since Wall Street was on holiday on Feb. 20, Bitcoin faced three days of “non-working” trading, characterized by less liquidity and more risk of volatile moves both up and down.
To some extent, this happened as attempts to beat the previous week’s highs proved short-lived and resulted in the liquidation of both long and short traders. coin glass confirms.
Monitoring Resource Material indicators continued to track the source of the sudden volatility, which manifests itself in the form of whale traders on the exchanges, trying to move the market with massive offers and liquidity requests.
Updating the range set by Notorious BID#FireCharts shows that ask liquidity has risen to ~$26.5k and it looks like liquidity in that range is seeping into the asset #trading range and $25k resistance replenishment. Want to see more bets above $24,000 to retest $25,000. pic.twitter.com/RW0MMxCuIl
— Material indicators (@MI_Algos) February 20, 2023
“2500 BTC in sell orders is between $24.8k and $25.3k in BTC/USDT,” popular trader Daan Crypto Trades. continuation.
“Maybe for three reasons: 1. Actual sell orders. 2. Price suppression orders to fill orders before taking them out or buying them later. 3. Orders to lower the price.”
Fellow Crypto trader Tony was also wary of the possibility of overcoming resistance.
“We’re making $25,000 here again, but the question remains if we stay above this resistance zone or bounce back and back down,” part of a Twitter comment that day. declared.
Analyst: BTC price movement repeats July 2021
Meanwhile, in an update to an existing theory, Venturefounder, a member of the network analytics platform CryptoQuant, has predicted a retest of lower levels before Bitcoin continues to rise.
Bitcoin Faces ‘Do or Die’ Weekly, Monthly Close with Macro Bullish Trend at Stake
He based this on mid-2021 market conditions, with BTC/USD hitting an all-time “double top” high in April and November, respectively.
“$25K BTC is very similar to $31K in July 2021,” he said. argued.
“Bitcoin could top it in a ‘hoax’ but likely retest lower support before consolidating and resuming the uptrend.”
Venturefounder has warned that macroeconomic developments could end up weakening Bitcoin and crypto more broadly, part of a complex series of crypto sources’ predictions for the coming year.
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
