Bitcoin (BTC) looked to end the week above $23,000 through the close on Feb. 26 as concerns mounted over stubborn resistance.
BTC Price Bulls Keeping Faith at $30,000
Data from Cointelegraph Markets Pro and TradingView It showed that BTC/USD hit $23,318 on the day, up $600 from its weekend lows.
The latest move marked a modest comeback after a dismal week for risk assets in which US stocks suffered on higher-than-expected inflation data.
Despite that, Bitcoin still remained below the levels signaled by analysts as important to recover before the end of the month.
Only isolated voices remained optimistic, including popular trader Kaleo, who maintained that $30,000 was still a BTC price “magnet”.
$30K is still a magnet. pic.twitter.com/68EeKhiBVv
—KALEO (@CryptoKaleo) February 25, 2023
Meanwhile, Altcoin cryptocurrency trader Sherpa offered a baseline period to hit the $30,000 mark: “4-6 weeks.”
“$BTC is still in a transition phase from bear -> bull, it only starts once neckline is broken!” fellow trader and analyst Mags continued in part of an additional abstract.
Bloomberg analyst on Bitcoin: “The trend remains bearish”
Meanwhile, also looking ahead, Mike McGlone, a senior macro strategist at Bloomberg Intelligence, expressed doubts about the bulls’ ability to break above the $25,000 resistance zone.
Related: Bitcoin Eyes 25% of World Wealth in New $10 Million BTC Price Prediction
“The headwinds remain strong; Markets have bounced: ‘Don’t fight the Fed’ was the dominant headwind for markets in 2022, and it continues to be so in the first quarter,” he said. wrote in a Twitter summary of a new investigation.
“Bitcoin $25,000 resistance may prove significant for all risk assets.”
The research itself predicted that “the more tactically oriented are likely to focus on receptive selling” when it comes to BTC/USD, while “it may be a while before buy and hold rates gain the upper hand.” .
The week before, hopes stayed high that $25,000 wouldn’t pose a major hurdle and that BTC/USD could send it without too much effort.
In the event, however, the magnitude of the task became clear: in addition to the requests on the trade order books, the key moving averages (MA) were above, in particular, the 50 and 50 trend lines. 200 weeks of Bitcoin.
The declining 50-week MA itself led McGlone to conclude that “the trend remains down.”
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