Bitcoin (BTC) seeks to end the week above $ 23,000 to February 26 close as concerns are heightened over stubborn resistance.
BTC price bulls keep faith at $30,000
Data from Cointelegraph Markets Pro and TradingView show BTC/USD reached $23,318 on the day, up $600 from the weekend low.
The latest move marked a rebound after a dismal week for risk assets that saw US equities suffer due to expected inflation data.
Despite this, Bitcoin still remains below the level marked by analysts as important to recover before the end of the month.
Only isolated voices remain optimistic, including the popular trader Kaleo, who maintains that $30,000 remains the “magnet” for the price of BTC.
$30K is still a magnet. pic.twitter.com/68EeKhiBVv
– KALEO (@CryptoKaleo) February 25, 2023
Temporary Crypto Altcoin Sherpa Trader offered the reference period for reaching the $30,000 mark – “4-6 weeks.”
“$BTC is still in the transition phase from bear -> bull, the rise only starts when the neck line breaks!” fellow trader and analyst Mags along in part of the summary further.
Bloomberg Analyst on Bitcoin: “The Trend Remains Down”
Also looking ahead, Mike McGlone, senior macro strategist at Bloomberg Intelligence, voiced misgivings about the bulls’ ability to overcome the $25,000 resistance zone.
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“Headwinds Remain Strong; Markets Have Bounced – ‘Don’t fight the Fed’ is the dominant headwind for markets in 2022, and remains so in 1Q,” he write in a Twitter summary of recent research.
“Bitcoin’s $25,000 resistance may be important for all risk assets.”
The research itself predicts that “the more tactically oriented tend to focus on responsive selling” when it comes to BTC/USD, but “it may be some time before the buy-and-hold type gets the upper hand.”
The week before, hopefully stay high that $25,000 will not be a major obstacle and BTC/USD will be able to send without much effort.
In the event, however, the magnitude of the task becomes apparent – in addition to asking in the exchange order book, the moving average button (MA) lay above, notably Bitcoin’s 50-week and 200-week trend line.
The downward 50-week MA itself led McGlone to conclude that “the trend remains down.”
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