Feb 18, 2023

Bitcoin Breaks Bear Trend, Surges Above $24K

Bitcoin (BTC) surged above $24,000 at the Feb. 17 Wall Street open, as analysis suggested that the crypto asset was in a consolidation period. Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD had recovered some overnight losses after dipping to $23,369 on Bitstamp.

The pair had hit a six-month high the day prior, but faced 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 the $25,212 level, noting that a break above (ideally close) would make a higher high for the first time since $69,000 and break the bear trend.

Investigating activity on exchanges, monitoring resource Material Indicators identified bid support inching higher, taking spot price with it. The Binance BTC/USD order book 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 noted that if BTC/USD opts to print a higher low (HL) next, then $22,800 would be the key area for bulls to hold. Van de Poppe argued that the period from March to June should be a “party” throughout crypto markets.

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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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.