Feb 18, 2023

Bitcoin Breaks Bear Trend, Climbs Above $24K

Bitcoin (BTC) surged back above $24,000 on Tuesday as analysts predicted a “consolidation and continuation” of the current bullish trend. BTC/USD had hit fresh six-month highs the day prior, but was met with resistance from two weekly moving averages (MAs) and a heavy sell wall.

Trader and podcast host Scott Melker, known as “The Wolf of All Streets”, highlighted the importance of a break above the $25,212 level in order to break the bear trend. He noted that the pair had tapped the level to the penny before dropping in the short term.

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 is well above 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 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.

Data from Coinglass showed that long traders felt the bulk of the pain on Feb. 16, as Bitcoin’s trip lower liquidated $45 million of positions. Cross-crypto long liquidations almost reached $125 million.

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