Feb 18, 2023
Bitcoin Breaks Bear Trend, Climbs Above $24K
Bitcoin (BTC) surged back above the $24,000 level at the Wall Street open on February 17th, as analysis suggested that consolidation and continuation of the bullish trend could be in the cards. The data from Cointelegraph Markets Pro and TradingView showed that BTC/USD had recovered from overnight losses after dipping to $23,369 on Bitstamp.
Scott Melker, the trader and podcast host known as “The Wolf Of All Streets,” highlighted the importance of the $25,212 level, which would represent a higher high since the all-time high of $69,000.
“A break above (ideally close) makes a higher high for the first time since $69,000,” he tweeted about the weekly chart on Feb. 16. “That breaks the bear trend. Just tapped it, to the penny… and dropped in the short term. Time to pay attention!”
Investigating activity on exchanges, Material Indicators identified bid support inching higher, taking the spot price with it. The Binance BTC/USD order book also showed resistance laddered up to $25,600 — well above the site of the 200-week MA, which flipped from support to resistance last August.
Cointelegraph contributor Michaël van de Poppe was upbeat about the outlook, calling for “consolidation and continuation.” He also flagged $22,800 as the key area for bulls to hold should BTC/USD opt to print a higher low (HL) next.
Van de Poppe argued that the period from March to June should be a “party” throughout crypto markets. “People are stuck in the mindset of the past 18 months and can only expect further downside. Hence they keep on shorting.”
The day prior, long traders felt the bulk of the pain as Bitcoin’s trip lower liquidated $45 million of positions, data from Coinglass shows. Cross-crypto long liquidations almost reached $125 million.
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