Bitcoin continues to ‘mirror’ 2017 as weekend sees third attack on $25K
Bitcoin (BTC) drained $25,000 for the third time on February 19 as it approached a key weekly close.
Analysis warns of whale movements
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $25,038 on Bitstamp.
After-hours trading continued to see bulls push for a support-resistance reversal of the key level, marking the start of a major resistance cloud involving multiple long-term trend lines.
With everything to play for heading into the weekly close, the mood among traders was tense.
“Sunday price moves can usually only be relied upon against the daily close. Other than that, I’ll just have to hope it stays in the current range,” popular trader Josh Rager acknowledged on Twitter.
Analyzing the Binance order book activity, resource material indicator monitoring warned that large volume players were still manipulating the spot price by moving bid and sell levels.
“The infamous BTC buy wall moved AGAIN!” it wrote in a previous update.
“Looks like they’re trying to push price into their own issues. If they can attract enough buyers to clear $25k, there’s little friction at $26k and thin air at $30k. No idea how long they can do this. Happy to play along.”
At the time of writing, volatility continued to return to the spot markets with still more than six hours to go until UTC’s weekly candle close.
Comparison from 2017 suggests “big move” in the coming week
The long-term view, meanwhile, created calm for trading suite Decentrader on the day.
Related: Bitcoin faces do-or-die weekly, monthly tight with macro trend at stake
Comparing current price behavior to Bitcoin’s previous four-year halving cycle, the firm argued that everything was actually playing out in line with historical norms.
“The recent move from $17k to $23k matches the 2017 move around the 1,000-day mark,” it tweeted next to an explanatory diagram.
“The price fluctuated and moved slightly higher for 30 days, then put in another big move of about the same size. If Bitcoin continues to mirror 2017, we could be in for a big move this week.”
Decentralizes CEO Filbfilb in addition tired that $180,000 was the “target” for BTC/USD upside.
“I’ll finesse with rational later, but this is the short form,” he added.
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