Feb 18, 2023
Bitcoin Breaks Bear Trend, Surges Above $24K
The price of Bitcoin (BTC) rose back above $24,000 at the open of Wall Street on Feb. 17, as analysis suggested a continuation of the upwards trend. Tracking data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair recovering some overnight losses after it had dipped to $23,369 on Bitstamp. The pair had hit a fresh six-month high the day prior, but faced resistance from two weekly moving averages (MAs) and a heavy sell wall.
Scott Melker, a trader and podcast host known as “The Wolf Of All Streets,” noted the importance of a key level to “break” the bear trend. Melker tweeted about the weekly chart on Feb. 16, pointing out that a break above $25,212 would make a higher high for the first time since $69,000.
Exchange activity and monitoring resource Material Indicators showed bid support increasing, with the BTC/USD order book on Binance showing resistance laddered up to $25,600. This was well above the 200-week MA, which flipped from support to resistance last August.
Cointelegraph contributor Michaël van de Poppe was positive on the outlook, calling for “consolidation and continuation.” He highlighted $22,800 as 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, as people are stuck in the mindset of the past 18 months and can only expect further downside.
The day prior, Bitcoin’s drop liquidated $45 million of long positions, according to data from Coinglass. Cross-crypto long liquidations almost reached $125 million.
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