Feb 18, 2023
Bitcoin Breaks Bear Trend, Eyes $25K Level
The price of Bitcoin (BTC) rallied back above $24,000 on Wednesday, February 17th, as analysts saw potential for further gains. Cointelegraph Markets Pro and TradingView data showed BTC/USD climbing back after dipping to $23,369 on Bitstamp, having hit a fresh six-month high the day prior.
Trader and podcast host Scott Melker, known as “The Wolf Of All Streets,” highlighted the importance of the $25,212 level as a key line in the sand for bulls. “A break above (ideally close) makes a higher high for the first time since $69,000,” he tweeted. “That breaks the bear trend. Just tapped it, to the penny… and dropped in the short term. Time to pay attention!”
Material Indicators identified bid support increasing, taking spot price with it. Data from the Binance BTC/USD order book also showed resistance laddered up to $25,600.
Cointelegraph contributor Michaël van de Poppe was optimistic on 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, with people stuck in the mindset of the past 18 months expecting further downside. “Hence they keep on shorting,” he concluded.
Data from Coinglass showed that long traders felt the bulk of the pain on Tuesday, as Bitcoin’s trip lower liquidated $45 million of positions. Cross-crypto long liquidations almost reached $125 million.
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