Feb 18, 2023
Bitcoin Breaks Bear Trend, Eyes $25K Resistance
Cryptocurrency markets have seen a surge in activity over the past few weeks, with Bitcoin (BTC) leading the charge. The world’s largest digital currency recently climbed back above the $24,000 mark at the Feb. 17 Wall Street open, with analysis favoring a “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, but faced 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,” highlighted the importance of $25,212 as a level to “break” the bear trend. Melker noted that a close above this figure would make a higher high for the first time since $69,000.
Investigating activity on exchanges, monitoring resource Material Indicators identified bid support inching higher, taking spot price with it. 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, calling for “consolidation and continuation.” He argued that the period from March to June should be a “party” throughout crypto markets, and flagged $22,800 as the key area for bulls to hold should BTC/USD opt to print a higher low (HL) next.
However, it was long traders who 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.
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