Feb 18, 2023
Bitcoin Breaks Bear Trend, Climbs Above $24K
Bitcoin (BTC) surged back above the $24,000 mark at the Wall Street open on February 17th, as analysis suggested that the digital asset was likely to consolidate and continue its upward trajectory. Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD had recovered losses sustained overnight, after dipping to $23,369 on Bitstamp.
The pair had previously reached a six-month high, only to be met with resistance in the form of two weekly moving averages (MAs) and a heavy sell wall. Scott Melker, the trader and podcast host known as “The Wolf Of All Streets”, commented that $25,212 was an important level for bulls to break in order to create a higher high since the $69,000 peak.
Material Indicators identified bid support increasing, taking spot price with it. The Binance BTC/USD order book showed resistance laddered up to $25,600, which was well above the site of the 200-week MA, which flipped from support to resistance last August.
Cointelegraph contributor Michaël van de Poppe was optimistic about the outlook, calling for “consolidation and continuation”. He highlighted $22,800 as the key area for bulls to hold should BTC/USD opt to print a higher low (HL) next. Van de Poppe also argued that the period from March to June should be a “party” throughout crypto markets, with people stuck in the mindset of the past 18 months expecting further downside.
As Bitcoin dropped, long traders felt the brunt of the pain, with $45 million of positions liquidated according to Coinglass. Cross-crypto long liquidations almost reached $125 million.
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Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
