Bitcoin Levels to Watch as BTC Price Rejects Key $25K Trendline
Bitcoin (BTC) climbed back above $24,000 at the February 17 Wall Street open as analysis favored “consolidation and continuation” higher.
Bitcoin is facing key level to “break” the bear trend
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD recovered some losses overnight after dropping to $23,369 on Bitstamp.
The pair had hit fresh six-month highs the previous day, which met stiff resistance in the form of two weekly moving averages (MAs) and a heavy selling wall.
Scott Melker, the trader and podcast host known as “The Wolf Of All Streets,” emphasized the importance of levels acting as lines in the sand for bulls.
“$25,212. I’ve been screaming about this number for weeks. A break above (ideal close) makes a higher high for the first time since $69,000,” he tweeted about the February 16 weekly chart.
“It’s breaking the bear trend. Just tapped it, to the penny… and fell in the short term. Time to pay attention!”
Examination of activity on exchanges, monitoring of resource materials Indicators identified the bid support that went higher, taking the spot price with it.
“The infamous BTC buying wall we’ve been following for 5 weeks just strategically moved again, this time just above the 21-day moving average,” noted next to a diagram.
“This seems to be playing Technicals level by level.”
Accompanying data from the Binance BTC/USD order book also showed resistance up to $25,600 – well above the location of the 200-week MA, which turned from support to resistance last August.
Trader: Decisive support at $22,800
Cointelegraph contributor Michaël van de Poppe was optimistic about the outlook, meanwhile, calls for “consolidation and continuation.”
Related: Bitcoin metrics print ‘mother of all BTC bullish signals’ for fourth time ever
“Bitcoin sees a sweep of the high and declines a bit there, but that doesn’t mean we’re going to $12K,” he reasoned in a tweet on the day.
A diagram the flag $22,800 as the key area for bulls to hold should BTC/USD choose to print a higher low (HL) next.
The day before, van de Poppe argued that the period from March to June should be a “party” through the crypto markets.
“It is difficult to define a proper strategy when everyone around you is shouting the opposite. That’s what happens in these help meetings,” he continued on the current state of crypto sentiment.
“People are stuck in the mindset of the last 18 months and can only expect further downside. So they continue to short.”
Still, it was long traders who felt most of the pain on February 16, when Bitcoin’s slide liquidated $45 million in positions, data from Coinglass shows. Cross-crypto long liquidations hit nearly $125 million.
The views, thoughts and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
