Feb 18, 2023
Bitcoin Breaks Bear Trend, Eyes $25K Resistance
Bitcoin (BTC) rose above the $24,000 mark at the Wall Street open on February 17th, according to data from Cointelegraph Markets Pro and TradingView. 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,” tweeted that a break above $25,212 “makes a higher high for the first time since $69,000” and would “break the bear trend.” Material Indicators reported that there is bid support inching higher and a buy wall just above the 21-Day Moving Average.
Binance BTC/USD order book data also showed resistance laddered up to $25,600, which is well above the 200-week MA that flipped from support to resistance last August. Cointelegraph contributor Michaël van de Poppe expressed optimism, calling for “consolidation and continuation” and pointing out that $22,800 is 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 and that people are “stuck in the mindset of the past 18 months” and “can only expect further downside.” He noted that long traders felt the bulk of the pain on February 16th, as Bitcoin’s trip lower liquidated $45 million of positions, with cross-crypto long liquidations almost reaching $125 million.
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