Friday, 19 April 2024

Crypto News

BTC whale population shrinks to early 2020 levels — 5 things to know in Bitcoin this week

BTC whale population shrinks to early 2020 levels — 5 things to know in Bitcoin this week

Bitcoin (BTC) keeps pushing for a bullish end to February as the monthly close starts another week’s price action.

The largest cryptocurrency looks set to preserve its gains as it closes the second month of 2023 — and is keeping bulls’ hopes alive in the process.

Can the good times continue? The coming week could mean decision time for a key area of BTC price action around $25,000.

Analysts are eyeing a breakout toward $30,000 if support can become more permanent, while concerns nonetheless remain that a trip back towards resistance reclaimed in January is still on the cards.

Amid a quiet week for macroeconomic data, any catalysts for determining whether BTC/USD goes up or down may come from within Bitcoin itself.

One thing is for sure, on-chain data shows — long-term Bitcoin hodlers are in no mood for selling yet, and at current prices continue to add to their BTC exposure en masse.

Cointelegraph takes a look at some of the major factors to bear in mind when it comes to what Bitcoin might do in the coming week.

Bitcoin monthly close precludes March trend showdown

It looked touch-and-go into the weekend, but Bitcoin has managed to avoid a major retracement and reversed upward into the new week.

A weekly close at around $23,500 was music to the ears of those keen to see a bullish rebound sooner rather than later.

“BTC has managed to break back above the ~$23400 level which is the Range High of the macro Monthly Range,” popular trader and analyst Rekt Capital explained.

“This is what BTC needs to keep doing for a bullish bias as February nears its end. Upcoming Monthly Close will be very interesting.”

BTC/USD annotated chart. Source: Rekt Capital/ Twitter

At current levels, BTC/USD is up around 1.25% in February 2023 — modest by historical standards but still conspicuous in preserving the year’s gains.

For Rekt Capital, March marks the real make-or-break month for BTC/USD as it approaches a long-term trend line, a break of which would signal a full trend reversal.

“February nears its close & indeed not too much excitement for BTC, as has historically been the case for a pre-breakout Monthly Candle,” he continued.

“Given how the Macro Downtrend is a sloping trendline, the breakout price for BTC will be a little lower in March at ~$24500.”

BTC/USD annotated chart. Source: Rekt Capital/ Twitter

A further post reiterated $25,000 as the level to break in order to “confirm” a macro uptrend.

Fellow trader Crypto Chase was more categorical about…

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