Monday, 27 March 2023

Crypto News

Bitcoin levels to watch as BTC price rejects at key $25K trendline

Bitcoin levels to watch as BTC price rejects at key $25K trendline

Bitcoin (BTC) climbed back above $24,000 at the Feb. 17 Wall Street open as analysis favored “consolidation and continuation” higher.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin faces key level to “break” bear trend

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD recovering some overnight losses after dipping to $23,369 on Bitstamp.

The pair had hit fresh six-month highs the day prior, these facing stiff resistance in the form of two weekly moving averages (MAs) and a heavy sell wall.

BTC/USD 1-week candle chart (Bitstamp) with 200MA. Source: TradingView

Scott Melker, the trader and podcast host known as “The Wolf of All Streets,” stressed 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 (ideally close) makes a higher high for the first time since $69,000,” he tweeted about the weekly chart on Feb. 16.

“That breaks the bear trend. Just tapped it, to the penny… and dropped in the short term. Time to pay attention!”

BTC/USD annotated chart. Source: Scott Melker/ Twitter

Investigating activity on exchanges, monitoring resource Material Indicators identified bid support inching higher, taking spot price with it.

“The notorious BTC buy wall we’ve been tracking for 5 weeks just strategically moved again, this time just above the 21-Day Moving Average,” it noted alongside a chart.

“This entity seems to be playing the Technicals level by level.”

Accompanying data from the Binance BTC/USD order book also showed resistance laddered up to $25,600 — well above the site of the 200-week MA, which flipped from support to resistance last August.

BTC/USD order book data (Binance). Source: Material Indicators/ Twitter

Trader: Crucial support at $22,800

Cointelegraph contributor Michaël van de Poppe was upbeat on the outlook, meanwhile, calling for “consolidation and continuation.”

Related: Bitcoin metric prints ‘mother of all BTC bullish signals’ for 4th time ever

“Bitcoin sees a sweep of the high and rejects a little there, but that doesn’t mean we’ll go to $12K,” he reasoned in a tweet on the day.

A chart flagged $22,800 as the key area for bulls to hold should BTC/USD opt to print a higher low (HL) next.

BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter

The day prior, Van de Poppe argued that the period from March to June should be a “party” throughout crypto markets.

“It’s hard to define a…

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