Bitcoin Price Falls to 10-Day Low as ‘Notorious BID’ Holds Support at $22.5K
Bitcoin (BTC) threatened to drop $23,000 as support on February 25 as an ongoing price correction strengthened into the weekend.
BTC Price Support Inches Lower
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trying to make a decision on the fate of the $23,000 mark on the day.
The pair had lost almost $1,000 on February 24, ending the week in a weak position alongside US stocks as the dollar rallied.
With “after-hours” trading now in place until Monday, the chances of thinner liquidity triggering more pronounced moves increased.
Analyzing the state of the Binance order book, resource material indicator monitoring confirmed the continued existence of a large line of bid support informally known as the “Notorious BID” and the “great wall”.
Previously higher up, the owners of the liquidity had moved it lower during the week.
“If the Notorious BID wall at $22,250 holds, I expect it to be part of this weekend’s whale play. I wouldn’t try to catch knives,” Material Indicators commented.
“Expect BTC to retest lows or potentially move into price discovery before a legitimate Bull Market Breakout.”
As for the upcoming weekly close, trader and analyst Rekt Capital, meanwhile, delineated $23,300 as important to hold to protect the bulls’ interests.
“Weekly retest of the converging area which is the resistance Lower High and Monthly Range High is now underway,” he wrote in a Twitter update.
“Price needs to hold here for the retest to succeed. However, a weekly close below this area would be a bearish sign.”
An additional post argued that the monthly close would be a key determinant of the overall trend, this is also just days away.
Bitcoin difficulty, hash rate remain the course
Others showed signs of frustration that Bitcoin was unable to break $25,000 and expect more significant long-term resistance levels above it.
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“Pretty amazing we couldn’t just get an exit pump above 25K for short entry at good level,” Crypto Chase in summary.
“All bullish and euphoric and the price just dumps off the most obvious resistance.. too bad. Maybe you’ll still get it later.. idk. Crypto just doesn’t trade like it used to tbh.”
A subsequent update highlighted $22,700 as a downside level to hold for another run at $25,000.
A point of optimism, meanwhile, came in the form of Bitcoin basic networkstruggling to gain 9.95% in its latest automated re-adjustment – the most since mid-January.
As Cointelegraph reported, both difficulty and hash rate continue to rise to new record highs despite the slowdown in price growth.
“Bitcoin mining became 10% more difficult last night,” Maartunn, a contributing analyst to on-chain data platform CryptoQuant, answered.
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.
