Bitcoin (BTC) headed towards $24,000 at the Wall Street open on Feb. 27, as a strong weekly close translated into more gains.
Bitcoin Gains $1,000 Off Weekend Lows
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD rallied in line with US stock futures.
The pair had seen lows of $22,770 on Bitstamp over the weekend, but these proved short-lived as the weekly candle closed above $23,500.
With stocks picking up steam in the new week, hopes were high that Bitcoin could continue its upward trajectory to end February on a high.
“Declining at the crucial $23,800 level would indicate that we will have another test of support,” Cointelegraph Contributor Michaël van de Poppe, founder and CEO of trading firm Eight, wrote in part from a Twitter update of the day.
“If that sweep happens and we rally, the test of $25K is inevitable and longs are triggered.”
Popular Crypto trader Tony held similar views, but was still erring on the more cautious side when it came to the durability of the overall uptrend.
“I’ll go long if we recover $23,750 and stay above, or go short if we lose $22,900 and stay below,” he said. said Twitter followers.
The Decentrader trading suite also argued that stronger signals were needed before moving on to BTC.
“People kept craving Bitcoin as it fell and now the Long/Short ratio is starting to go down, the price is starting to pick up a bit,” he said. commented.
“Still very high at 1.8, I’d like to see more unravel, before a rally can really start.”
Dollar reverses previous strength
US stocks continued to make up the ground lost the week before at the time of writing, with the S&P 500 and Nasdaq Composite Index rising 1% and 1.2%, respectively.
Related: BTC Whale Population Drops To Early 2020 Levels: 5 Things To Know In Bitcoin This Week
Meanwhile, the US dollar index (DXY) suffered, dipping below the 105 mark on a boost to risk assets across the board.
“So far, we have a potential counterfeit above this rising wedge,” popular trader Justin Bennett wrote in part of its last update dedicated to the index.
“Things are about to get interesting.”
Meanwhile, popular analyst CryptoCon highlighted changes in the correlation dynamics between DXY and BTC.
He #Bitcoin Bull Market is now in full effect based on the DXY Correlation Coefficient
High correlation after negative bear market correlation has been the beginning of every bull market.
2/3 times this was the precursor to the rally, what do you think will happen this time? pic.twitter.com/z516j35BDg
— CryptoCon (@CryptoCon_) February 27, 2023
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