Feb 18, 2023
Bitcoin Breaks Bear Trend, Closes Above $24K
Bitcoin (BTC) surged back to the $24,000 mark at the Wall Street open on Feb. 17 as analysis suggested a bullish trend. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD recovering overnight losses after dipping to $23,369 on Bitstamp. The pair had hit a six-month high the day before, but was met with resistance from two weekly moving averages (MAs) and a heavy sell wall.
Scott Melker, the trader and podcast host known as “The Wolf Of All Streets,” highlighted the importance of the $25,212 level for BTC/USD, which would signal a break from the bear trend. He noted that the pair had “tapped it, to the penny” before dropping.
Investigating activity on exchanges, Material Indicators identified bid support edging higher and taking spot price with it. Binance BTC/USD order book data showed resistance laddered up to $25,600 — above the 200-week MA, which flipped from support to resistance last August.
Cointelegraph contributor Michaël van de Poppe was optimistic about the outlook, predicting “consolidation and continuation” for the pair. He identified the $22,800 level as key for bulls to hold if BTC/USD prints a higher low (HL) next.
Van de Poppe argued that the period from March to June should be a “party” for crypto markets, with people stuck in the mindset of the past 18 months expecting further downside.
Long traders felt the brunt of the losses on Feb. 16, as Bitcoin’s dip liquidated $45 million of positions, 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.
