Feb 18, 2023
Bitcoin Breaks Bear Trend, Surpasses $25,000
Bitcoin (BTC) soared above the $24,000 mark at the Wall Street opening on February 17th, as analysis suggested a “consolidation and continuation” of its current price. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD recovering from overnight losses, having dropped to $23,369 on Bitstamp. The digital asset had previously hit a six-month high, but was blocked by two weekly moving averages (MAs) and a large sell wall.
Scott Melker, a popular trader and podcast host known as “The Wolf Of All Streets”, highlighted the importance of the $25,212 level in relation to breaking the bear trend. He tweeted that a break and close above this number would make a higher high since the record price of $69,000.
In addition, Material Indicators observed bid support increasing and pushing the spot price higher. They reported that a notorious BTC buy wall had moved just above the 21-day MA. Binance BTC/USD order book data revealed resistance up to $25,600, which is higher than the 200-week MA that became a resistance level in August.
Cointelegraph contributor Michaël van de Poppe was optimistic about the outlook, suggesting consolidation and continuation. He noted that a sweep of the high and a rejection of the price did not necessarily mean a return to $12,000. Van de Poppe highlighted $22,800 as the key area for bulls to hold if BTC/USD prints a higher low (HL). He also predicted that the period from March to June would be a “party” in the crypto markets.
The majority of the losses on February 16th were felt by long traders, with $45 million worth of positions liquidated, according to Coinglass. Cross-crypto long liquidations almost reached $125 million.
As the crypto markets continue to develop and evolve, it is important to be aware of the key levels and indicators that could influence the price of Bitcoin. With the right knowledge and analysis, investors can make informed decisions and capitalize on the opportunities presented by the web3 space.
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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.
