It’s a sea of resistance for Bitcoin near $25,000 as the week draws to a close, but some are in favor of a continuation of the uptrend.
At the Feb. 17 Wall Street open, the stock rose above $24,000 as analysts called for “consolidation and continuation” to the upside.
Bitcoin has reached a critical level to “break” the trend
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD recovering overnight losses after falling to $23,369 on Bitstamp.
Both have hit six-month highs and faced strong resistance in the form of two-week moving averages (MAs) and massive selling walls.
Trader and podcast host Scott Melker, known as “Wolf of All Streets,” points out the importance of levels that serve as lines in the sand for bulls.
“$25,212. I’ve been screaming at this number for weeks. Break above is first high since $69,000,” he tweeted on February 16 on the weekly chart.
“It will get rid of bears. Just use it, for money … and you will fall in no time. Time to pay attention! ”
Explore the exchange of ideas and monitor the equipment Benchmarks have the highest level of support and carry the price.
On the chart, “BTC has moved into a 5-week streak again, this time above the 21-day moving average, which is a popular buy,” he noted.
“This level seems to be playing on a technical level,” he said.
Accompanying data on the Binance BTC/USD chart shows that it has reached above the 200-week MA platform at $25,600, which was supported until August last year.
Dealer: Strong support at $22,800
Cointelegraph founder Michael van de Poppe is concerned about the situation and called for “unity and continuity”.
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“Bitcoin is hitting a high and giving up a little bit, but that doesn’t mean we’re going to hit $12k,” he said today.
The chart highlights $22,800 as a key point where bulls should hold BTC/USD options to print the next high (HL).
One day, van de Poppe said that March to June should be “eventful” for the crypto market.
“It’s hard to figure out the right strategy when everyone around you is screaming the opposite. That’s what happens in that rally,” he continued about crypto sentiment.
“People get stuck in the mindset of the last 18 months and expect the worst. That’s why they’re short.”
On February 16, Bitcoin movement fell by $45 million, and according to Coinglass, long traders felt the brunt of the pain. Almost $125 million in long-term cryptocurrency analysis.