A fresh weekly breakout for the BTC price comes alongside doubts about the motives of a large number of bitcoin exchange traders.
On February 19, $25,000 was breached for the third time as the important weekly close approached.
Detection of whale movement alerts
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $25,038 on Bitstamp.
In after-hours trading, the bulls continued to press for key support-resistance levels, marking the beginning of a major resistance cloud that includes several long-term trend lines.
As everything played out at the end of the week, the atmosphere among traders was tense.
“In general, you can only rely on Sunday’s price movements towards the daily close.” Other than that, just have to hope it stays in the current range,” acknowledged popular trader Josh Reger on Twitter.
Analyzing Binance order book activity, indicators on the resource’s monitoring material warned that major players are still manipulating the spot price by moving buy and sell levels.
“The famous BTC buy wall has moved again! it wrote in the last update.
“It looks like they’re trying to squeeze prices into their purchase.” If they can attract enough buyers to clear $25k, friction is up to $26k and thin air up to $30k. Any indication how long they can do this. Fun to play with.”
As of this writing, volatility continued to flow back into the flash market with more than six hours still remaining in UTC’s weekly candlestick vigil.
The 2017 comparison suggests “big moves” in the coming week
At the same time, the long-term considerations led to a rose for the trade dress that day.
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By comparing the current price behavior with the last four years of bitcoin half-hours, the company argued that in fact everything is in line with historical norms.
“Recent move from $17,000 to $23,000 coincides with 2017 move around the 1,000-day mark,” it tweeted, along with an explanatory chart.
“The price stayed in the range and went slightly higher for 30 days and then another big move of roughly the same size. If Bitcoin continues to mirror 2017, we could make a big move this week.
Decentrader CEO Philbphilb additionally stated that BTC/USD above $180,000 “target”.
“I will finance with Rational later but it is short,” he said.