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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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.