Feb 18, 2023
BTC Breaks Above $25,000, Bull Trend Set To Continue
Bitcoin (BTC) surged back above $24,000 at the Wall Street open on Feb. 17, as analysis favored a “consolidation and continuation” of the bullish trend. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD recovering from overnight losses and hitting a fresh six-month high the day prior.
The Wolf Of All Streets, Scott Melker, highlighted the importance of key levels for the bulls, tweeting about the weekly chart, “$25,212. I’ve been screaming about this number for weeks. A break above (ideally close) makes a higher high for the first time since $69,000. That breaks the bear trend. Just tapped it, to the penny… and dropped in the short term. Time to pay attention!”
Investigation of activity on exchanges showed bid support inching higher, as the notorious BTC buy wall strategically moved again, just above the 21-Day Moving Average. Data from 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 optimistic about the outlook, calling for “consolidation and continuation.” He argued that the period from March to June should be a “party” throughout crypto markets, and highlighted $22,800 as the key area for bulls to hold should BTC/USD opt to print a higher low (HL) next.
The day prior, 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.
