The price of bitcoin surpassed $25k again on Sunday. Data from Cointelegraph Markets Pro and TradingView revealed that Bitstamp’s BTC/USD exchange rate reached $25,038.
During off-hours trading, buyers kept pressing for a reversal of the key level’s support and resistance, which would herald the beginning of a large resistance cloud comprising numerous long-term trend lines.
Josh Rager, a well-known trader, posted on Twitter that Sunday price movement had been unreliable until the daily close. On that note, traders could only hope it remained within its current range.
$BTC Better not be teasing
Quick, everyone short on high leverage just incase 😇 pic.twitter.com/ga4AwzjKxz
— Rager 📈 (@Rager) February 19, 2023
Large volume traders had been manipulating the spot price by shifting the bid and ask levels, as revealed by an analysis of Binance’s order book activity.
Material Indicator said on Twitter that those traders had attempted to push prices into their demands, saying, “If they can attract enough buyers to clear $25k there’s little friction to $26k and thin air to $30k.”
The notorious #BTC buy wall moved AGAIN!
It appears they are trying to push price into their own asks. If they can attract enough buyers to clear $25k there’s little friction to $26k and thin air to $30k.
No clue how long they can do this. Happy to play along. #RiskManagement. pic.twitter.com/sgUWBTnzij— Material Indicators (@MI_Algos) February 18, 2023
In agreement with Material Indicators, BitBull Capital CEO Joe DiPasquale said that Bitcoin’s latest support level was $23,000. He noted that the following week would be crucial if bitcoin surpasses $30,000.
DiPasquale also told CoinDesk that reclaiming $23,000 for Bitcoin was crucial for more price rallies.
He believed that with February concluding, the market might require another strong monthly close for Bitcoin to touch $30,000. DiPasquale predicted the market would likely trend sideways or up soon, with a low potential for decline.
The recent move from $17k to $23k matches the 2017 move around the 1000 day mark.
Price ranged and moved slightly higher for 30 days and then put in another big move of roughly equal size.
If #Bitcoin continues to mirror 2017 we could be in for a big move this week. pic.twitter.com/lX5xjOu5Jx
— Decentrader (@decentrader) February 18, 2023
When comparing the current pricing behaviour to Bitcoin’s previous four-year halving cycle, Decentrader argued that everything was following historical norms. The firm explained that the recent shift from $17,000 to $23,000 corresponds to “the 2017 move around the 1,000-day mark.”
At the time of writing, BTC’s current price is $24,763, with a market cap of $473.04 billion. BTC was up over 11 percent in the past week, while Ethereum was up over nine percent. Solana, Polkadot and Polygon had double-digit growth, with 20 percent, 19 percent and 18.5 percent increases, respectively. To end the week, DOGE gained five percent and SHIB gained four percent. Elon Musk’s Floki was down seven percent but increased 108 percent for the week.