BTC price action is slipping again trying to break the $25,000 resistance as rejections keep coming.
February 21 hit a six-month high as a recent attempt to top $25,000 in support failed.
Bitcoin uncertain ahead of Wall Street open
Data from Cointelegraph Markets Pro and TradingView showed Bitstamp BTC/USD reaching $25,250.
After a strong rejection on the hourly time frames, the pair returned below $24,750 and held the range throughout the weekend.
February 20 For Wall Street, Bitcoin has faced three “off hours” with less liquidity and greater risk of volatile ups and downs.
Data from Coinglass confirms that it has held out to some extent, with efforts to break last week’s highs short-lived, prompting long and short traders to liquidate.
Resource material indicators continued to witness sharp volatility, which appeared as whale traders on exchanges trying to move the market with massive buying and selling liquidity.
“2500 BTC sell orders accumulated in the BTC/USDT pair between 24.8k and 25.3k.” USD,” continued popular trader Daan Crypto Trades.
“Could be for three reasons: 1. Actual sales orders.” 2. Orders to reduce the price to fill orders before they are pulled or purchased later. 3. Orders to reduce the price.”
Fellow trader Crypto Tony was also cautious about potential clearing resistance.
“We’re grinding $25,000 again here, but the question remains whether we stay above this resistance area or break apart and head back down,” said a Twitter comment.
Analyst: BTC Price Action Reflecting 2021 July
In an update to existing theory, Venturefounder, a contributor to on-chain analytics platform CryptoQuant, predicted a retest of lower levels before resuming Bitcoin’s lofty move.
Related: Bitcoin closes weekly, macro bull trend on the line
He relied on market conditions from 2021 onwards. in the mid-2000s, when BTC/USD hit all-time “double highs” in April and November respectively.
“$25,000 BTC is very similar to $31,000 in 2021. in July,” he said.
“Bitcoin may not just be ‘faked’, but it is likely to retest lower support before consolidating and retracing an uptrend.
The firm’s founder warned that macroeconomic events could weaken Bitcoin and cryptocurrency more broadly, part of a complex set of predictions from crypto sources for the coming year.