A new burst higher in the weekly close for BTC price comes in tandem with suspicions about the motives of high-volume Bitcoin exchange traders.
Bitcoin
BTC
tap away
$27,455
hit $25,000 for the third time on February 19 as an all-important week-end approached.
Analysis warns of whale movement
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD reached $25,038 on Bitstamp.
After-hours trading continued to see bulls pushing for a support-resistance reversal of the key level, which was the start of a major resistance cloud involving several long-term trend lines.
With everything to play for at the end of the week, the mood among traders was tense.
“Sunday price movement can usually only be trusted against daily closes. Other than that, just have to hope it stays in the current range,” popular trader Josh Rager acknowledged on Twitter.
Analyzing the performance of Binance’s order book, monitoring of indicators of material resources warned that high-volume players continue to manipulate the price of a commodity by changing levels of bid and ask.
“The infamous BTC buy wall has moved again!” wrote in a previous update.
“It seems like they are trying to put a price on their own questions. If they can attract enough buyers to clear $25k, there is little friction to $26k and thin air to $30k. No idea how long they can do this. . Nice play together.”
At the time of writing, volatility continued to return to spot markets with more than six hours remaining until UTC’s weekly candle closes.
2017 comparison indicates a “big move” in the coming week
The longer-term view meanwhile formed a reason for calm for trading suite Decentrader on the day.
Related: Bitcoin Faces Do-or-Die Weekly, Close Monthly With Macro Bull Trends At Play
Comparing the current price behavior to the previous four-year half-cycle of Bitcoin, the company argued that everything is actually playing according to historical standards.
“The recent move from $17k to $23k is consistent with the 2017 move around the 1000 day mark,” it tweeted, along with an explanatory chart.
“Price fluctuated and moved slightly higher for 30 days and then put in another big move of roughly equal size. If Bitcoin continues to mirror 2017, we could be in for a big move this week.
Decentrader CEO Filbfilb also said $180,000 was “the target” for BTC/USD upside.
“I’ll refine it later with a rationale, but that’s the short form,” he added.
