Bitcoin (BTC) threatened to unravel $23,000 as support on Feb. 25 as the ongoing price correction strengthened over the weekend.
BTC Price Support Inches Lower
Data from Cointelegraph Markets Pro and TradingView it showed BTC/USD trying to decide the fate of the $23,000 mark on the day.
The pair had lost almost $1,000 on February 24, ending the week in a weak position. along with US stocks, while the dollar gained.
With “after-hours” trading now in effect through Monday, the chances increased that tighter liquidity would cause steeper moves.
Analyzing the status of Binance’s order book, tracking the Resource Material Indicators confirmed the continued existence of a major bidding support line known informally as the “Notorious BID” and “great wall.”
Previously higher, liquidity owners had moved lower during the week.
“If the $22,250 Notorious BID wall holds up, I expect it to be part of the Whale Games this weekend. I wouldn’t be trying to catch knives”, Material Indicators commented.
“Wait for BTC to retest the lows or potentially go to price discovery before a legitimate bull market breakout.”
As for the upcoming weekly close, trader and analyst Rekt Capital, meanwhile, outlined $23,300 as important to protect the interests of bulls.
“The weekly retest of the confluent area which is the lower high range and monthly range resistance is now in progress,” they said. wrote in a Twitter update.
“The price needs to stay here for the retest to be successful. However, a weekly close below this area would be a bearish sign.”
An additional post argued that the monthly close would be a key driver in the overall trend, which is also just a few days away.
a failed #BTC Weekly retest of ~$23400 as support would mean price remains within the monthly macro range
Let’s see how the Monthly Closes
1M close above ~$23400 -> range break likely
1M Close down -> $BTC stays on and in range and could go further down in range#Crypto #Bitcoin pic.twitter.com/xTAqH7pVlm
— RektCapital (@rektcapital) February 24, 2023
Bitcoin difficulty, hash rate stay the course
Others showed signs of frustration that Bitcoin was unable to crack $25,000 and count on more substantial long-term resistance levels above it.
Related: Bitcoin 2024 Halving Will Be Its ‘Biggest’ – Interview With Charles Edwards
“Pretty amazing we couldn’t just get a pump out above 25K for a short god tier input,” Crypto Chase summarized.
“Everyone is optimistic and euphoric, and the price breaks the most obvious resistance… a shame. Maybe I’ll still get it later… idk. To tell the truth, cryptocurrencies are not traded the way they used to be anymore.”
A later update highlighted $22,700 as a level on the downside to preserve for another run to $25,000.
I will want to see 22.7K held if a real push above 25K for liquidity is still on the cards. Daily S/R confluence + 0.618 fib of the current leg. pic.twitter.com/ZHShTi9SzT
— Crypto Chase (@Crypto_Chase) February 24, 2023
Meanwhile, a point of optimism came in the form of the Bitcoin network. fundamentalswith difficulty to rise 9.95% in its last automated readjustment, the largest since mid-January.
As Cointelegraph reported, both difficulty and hash rate continue to rise to new record levels despite the slowdown in price recovery.
“Bitcoin mining just got 10% harder last night,” Maartunn, contributing analyst at on-chain data platform CryptoQuant, answered.
The views, thoughts and opinions expressed here are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
