Feb 18, 2023
Bitcoin Breaks Bear Trend, Climbs Above $24K
As Bitcoin (BTC) climbed back above $24,000 at the Feb. 17 Wall Street open, traders and analysts favored “consolidation and continuation” higher. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD recovering some overnight losses after dipping to $23,369 on Bitstamp.
The pair had hit fresh six-month highs the day prior, these facing stiff 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,” stressed the importance of levels acting as lines in the sand for bulls.
“$25,212. I’ve been screaming about this number for weeks. 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, monitoring resource Material Indicators identified bid support inching higher, taking spot price with it. “The notorious BTC buy wall we’ve been tracking for 5 weeks just strategically moved again, this time just above the 21-Day Moving Average,” it noted alongside a chart. “This entity seems to be playing the Technicals level by level.” Data from 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 on the outlook, meanwhile, 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.
The day prior, van de Poppe argued that the period from March to June should be a “party” throughout crypto markets. “It’s hard to define a proper strategy when everyone around you shouts the opposite. That’s what’s happening in those relief rallies,” he continued about the current state of crypto sentiment. “People are stuck in the mindset of the past 18 months and can only expect further downside. Hence they keep on shorting.”
It was long traders who nonetheless felt the bulk of the pain on Feb. 16, as Bitcoin’s trip lower liquidated $45 million of positions, data from Coinglass shows. Cross-crypto long liquidations almost reached $125 million.
The web3 space is rapidly expanding, and with it, opportunities to promote and sell Non-Fungible Tokens (NFTs) have become more plentiful. NFTs are digital assets that are unique and not interchangeable, such as art, music, collectibles, and more. As the market for NFTs continues to grow, so too has the need for NFT marketing services.
A NFT marketing agency can help to promote NFTs and make them more visible to potential buyers. This can include setting up a website, creating content, and utilizing social media platforms such as Twitter to reach a wider audience. Additionally, a web3 agency can help to create a strategy for selling NFTs, such as setting up auctions or using a platform like OpenSea.
NFT marketing is a great way to increase visibility and reach potential buyers. By using Twitter, for example, NFT creators can reach a large audience in a short amount of time. Additionally, the use of hashtags and influencers can help to spread the word about NFTs and get more people interested in buying them.
It is important for NFT creators to understand the market for their NFTs and to create a strategy for selling them. A NFT marketing agency can help to create an effective strategy and reach more potential buyers. Additionally, they can help to promote NFTs on social media platforms and create content to draw in more buyers.
For those interested in selling NFTs, a web3 agency can provide the necessary tools and resources to make it easier to do so. With the right strategy, NFT creators can reach more potential buyers and increase the chances of selling their NFTs.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.