With resistance coming in, BTC price action is sliding again as it tries to break the $25,000 resistance.
Bitcoin
BST
mark on the ground
$23,639
It hit a six-month high after a failed attempt to convert $25,000 into funding on February 21.
Before Wall Street opened, Bitcoin was volatile
Data from Cointelegraph Markets Pro and TradingView has BTC/USD at $25,250 on Bitstamp.
The pair retreated below $24,750 with strong resistance in the hourly period, maintaining a trading range for the rest of the week.
On February 20, Bitcoin faced three days of “out-of-hours” trading on Wall Street with limited capital and risk of upside.
Coinglass data confirmed that these occurred in some measure to overcome the peak of the week before the short, resulting in the elimination of both long and short traders.
Control Stock Material Indicators continued to monitor the source of flash volatility, which came in the form of whale traders on the exchange trying to move the market by a lot and ask for money.
“2500 BTC with a sell order of $24.8-25.3k on the BTC / USDT pair,” continued Daan Crypto, a popular trader.
“This can be for three reasons: 1. Actual sales orders. 2. Price compression to order back or buy later. 3. Discounted orders.
Crypto trader Tony was also wary of the possibility of the opposition losing.
“Here we are again grinding $25,000, but the question remains whether we will stay above this resistance zone or break and fall back,” said part of the Twitter commentary.
Analyst: BTC price action consistent with July 2021
In an update on existing theories, Venturefounder, a contributor to the CryptoQuant analytics platform, predicted a bearish analysis for Bitcoin ahead of its continued rally.
Related: Bitcoin Faces Weekly and Monthly Closed Macro Bull Risks
He based this on market conditions from mid-2021, when BTC/USD hit all-time highs in April and November.
“BTC at $25k is very similar to $31k in July 2021,” he said.
“Bitcoin may overcome this with a ‘Fakeout,’ but it may test lower support before consolidating and starting higher.”
Venturefounder warned that macroeconomic events could weaken Bitcoin and crypto in general, as part of a comprehensive set of predictions from crypto sources for the coming year.
