Bitcoin bulls have nothing to celebrate as BTC price action has produced the hardest gains of February.
On Feb. 25, it threatened to lower the $23,000 support as the weekend’s ongoing price correction strengthened.
BTC price support has sunk a few inches
Data from Cointelligraph Markets Pro and TradingView shows BTC/USD attempting to determine the fate of the $23,000 mark.
The pair lost nearly $1,000 on Feb. 24, ending the week weak alongside U.S. equities as the dollar rose.
With “after hours” trading now in effect through Monday, the likelihood that thin liquidity will lead to more pronounced moves increases.
Analyzing the status of Binance’s order book, the monitoring resource Material Indicator confirmed that the unofficial “infamous B.I.D.” and the “Great Wall.”
Previously more, cash owners moved it lower during the week.
“If the infamous B.I.D. wall at $22,250, I expect it to be part of the weekend whale game. I don’t try to take the knives,” Material Indicator remarked.
“Expect BTC to repeat lower levels or potentially move to price discovery before a legitimate bull market breakout.”
Turning towards the upcoming weekly close, meanwhile, trader and analyst Rackett Capital noted that holding $23,300 is important to protect bull interests.
“The contiguous area is undergoing a weekly recheck which is low elevation and monthly elevation resistance,” they wrote in a Twitter update.
“For the new experiment to be successful, Price has to be here. However, a weekly close below this region would be a bearish sign.”
An additional post argued that the monthly cessation would be a key determining factor in the overall trend, even just a few days away.
Fix bitcoin, hash rate will stay the course
Others have shown signs of disappointment that bitcoin has failed to break above $25,000 and struggles with more substantial long-term resistance levels above it.
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“Quite surprising that we couldn’t get an exit pump above 25K for god-level short entry,” summarized Crypto Chase.
“Everyone is bullish and euphoric and the price is just dumping out the most obvious resistance… it’s such a shame. Maybe I’ll figure it out again later.. idk. Cryptocurrencies just don’t do business like they used to.”
The next update highlighted $22,700 as a downside to be saved for another run to $25,000.
Meanwhile, there has been a point of optimism in the form of bitcoin network fundamentals, struggling up 9.95% in its latest automatic adjustment, the biggest since mid-January.
As reported by Cointelligraph, both difficulty and hass rates have soared to new record highs despite a slow price recovery.
“Bitcoin mining got 10% harder last night,” said Martoon, a contributing analyst at on-chain data platform CryptoQuant.