Feb 18, 2023
Bitcoin Breaks Bear Trend, Eyes $25K Level
Bitcoin (BTC) surged back to the $24,000 level at the Wall Street open on Feb. 17, with analysts expecting further gains. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD recovering from a dip to $23,369 on Bitstamp.
Scott Melker, the trader and podcast host known as “The Wolf Of All Streets,” noted an important level for bulls to break in order to establish a new high since the all-time high of $69,000.
“$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, Material Indicators identified bid support increasing, pushing the spot price higher. “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,” Material Indicators tweeted, noting that the entity seemed to be playing the technical levels.
Data from the Binance BTC/USD order book showed resistance up to $25,600 — 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 pointed to $22,800 as the key area for bulls to hold should BTC/USD print a higher low (HL) next.
Van de Poppe argued that the period from March to June should be a “party” throughout crypto markets, noting that many investors are still stuck in the bearish mindset of the past 18 months.
Long traders were the most affected on Feb. 16 as Bitcoin’s dip liquidated $45 million of positions, according to data from Coinglass. Cross-crypto long liquidations almost reached $125 million.
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