Bitcoin’s monthly RSI offers a glimmer of hope as BTC bulls are battling several long-term resistance trend lines in February.
The ticking sound comes down
It makes traders feel that the future of the bull market depends on the last week of February.
In several tweets in February
Bitcoin money was attracted by the downtrend of the bear market
Bitcoin hit a six-month high this week as its latest rally in 2023 fueled bullish bullish talk.
After the beginning of the month of consolidation, February has become a point to calculate the price strength of Bitcoin. Gains are harder to consolidate than in January, when BTC/USD was up almost 40%.
For Rekt Capital, now is the time to focus on daily, weekly or even monthly trades.
The weekly pattern may represent the biggest fight in the wake of the 2022 bear market. Bitcoin is currently trying to hit the resistance zone that it failed to conquer last August, but so far it has not succeeded.
“Ultimately, a weekly close above this key area is what Bitcoin needs to achieve to break a resistance area and continue moving higher,” Rekt Capital wrote in part of its weekly chart update.
The picture is complicated thanks to the two main resistance trend lines above, represented by the 50-week and 200-week moving averages (MAs).
As Cointelegraph reported, these created the first “death cross” — a potential nail in the coffin for those hoping a new bull market has begun.
At monthly intervals, an equally tense situation develops. Here, too, BTC/USD is “very close to breaking the macro downtrend,” says Rekt Capital.
The next monthly close will be the deciding factor, as continued strength could see Bitcoin start March outside the downtrend line from the November 2021 all-time high.
While this will be a big event, some signs are already showing that it could become a reality. Bitcoin’s Relative Strength Index (RSI), which previously hit new lows, “has now confirmed a new uptrend.”
Bitcoin Price Analysis: Big Fish Targeting ‘Bull Market Maxis’
Closer to home, the daily action is clearly bearish as Bitcoin bulls form part of a weekly high.
Related: Bitcoin Metrics Prints ‘Mother of All Bullish Bitcoin Signals’ for Fourth Time
Data from Cointelegraph Markets Pro and TradingView show that two trips above $25,000 have failed to break back from support, and BTC/USD is trading around $24,500 at the time of writing.
While Rekt Capital is celebrating the confirmed defeat, others fear that the entire event is the result of manipulation by market giants.
There seems to be some doubt as to the nature of the current price “strength” by looking at the document activity on Binance, the source material indicators monitor.
Whales have supported the highest bid of the move, creating the illusion of a “bull market”.
“We’ve already had 2 rejections. If they accept, it’s a gift,” Material Reference wrote of twin transfers above $25,000.
“IMO, the goal is to increase the dividend and request liquidity to maximize the bull market.”
The next document printer faced a momentary increase in whale size as the size of the whales decreased – a phenomenon that materials authorities recently called “the fork shift”.