Feb 18, 2023
Bitcoin Breaks Bear Trend, Surges Above $24K
Bitcoin (BTC) made a strong recovery on Feb. 17, climbing back above $24,000 at the Wall Street open. According to Cointelegraph Markets Pro and TradingView, BTC/USD had dipped to $23,369 on Bitstamp the previous day, after hitting a six-month high.
Scott Melker, the trader and podcast host known as “The Wolf Of All Streets,” noted the importance of the $25,212 level, stressing that a break above it would make a higher high for the first time since $69,000. He said that this would break the bear trend.
Material Indicators identified bid support increasing and pushing the spot price higher. Their data from the Binance BTC/USD order book also showed resistance laddered up to $25,600.
Cointelegraph contributor Michaël van de Poppe was also optimistic, calling for “consolidation and continuation.” He said that if Bitcoin opts to print a higher low (HL) next, then the key area for bulls to hold would be $22,800.
Van de Poppe argued that the period from March to June should be a “party” throughout crypto markets, as people are stuck in the mindset of the past 18 months and can only expect further downside.
On Feb. 16, it was long traders who felt the bulk of the pain as Bitcoin’s trip lower liquidated $45 million of positions, according to data from Coinglass. Cross-crypto long liquidations almost reached $125 million.
As the crypto space continues to develop, investors and traders alike will be watching to see if Bitcoin can break the bear trend and continue to climb higher. The potential for NFTs and the use of crypto and web3 technology in marketing and promotion are becoming increasingly popular, with many agencies now offering NFT marketing services. Twitter NFT marketing is also becoming more popular, with many agencies utilizing their platform to promote NFTs and help people sell them. As the web3 space continues to evolve, it will be interesting to see how these agencies help to shape the future of the industry.
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