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Bitcoin () tapped $25,000 for a third time on Feb. 19 for a very large weekly closure.
Analysis warns over whale moves
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $25,038 on Bitstamp.
Out-of-hours trading continued to see bulls pushing for a support-resistance flip of the key level, this marking the start of a major resistance cloud involving several long-term trend lines.
With everything to play in the weekly shut down, the atmosphere between traders was tense.
', only the daily closure can be trusted. Other than that, just gotta hope it stays in current range," popular trader Josh Rager acknowledged on Twitter.
Analysis of binary backlog activity, monitoring of resource indicators cautioned against the fact that large players always manipulate the spot price by changing supply and demand levels.
#FireCharts 2.0 (beta) shows "they" just cleared a path to $25.2k, but "they" also pulled the notorious bid wall and moved it down to ~$23,450.#RiskManagement for the W. pic.twitter.com/RFKTc0CfYT
— Material Indicators (@MI_Algos) February 19, 2023
“The notorious BTC buy wall moved AGAIN!” it wrote in a previous update.
'It sounds like they're trying to push the price in their own applications. If they are able to attract enough buyers to get $25,000, there is little friction between $26,000 and $30,000 in compressed air. They don't know how long they can go through with it. Happy to play along.”
At the time of writing this report, volatility continued to strengthen in the spot markets, and there were still over six hours left before the UTC's weekly closure.
The 2017 comparison suggests a "great change" in the week ahead.
The longer-term vision in the meantime has been a cause of calm for the Decentrader trading suite over the day.
Related: Bitcoin faces do-or-die weekly, monthly close with macro bull trend at stake
Comparing the current pricing behaviour to Bitcoin's previous four-year half reduction cycle, the company argued that, in fact, everything was being done in accordance with historical standards.
"The recent move from $17k to $23k matches the 2017 move around the 1000 day mark," it tweeted alongside an explanatory chart.
'The price changed and went up slightly for 30 days and then made another big move of about the same size. If Bitcoin keeps reflecting 2017, we could be in a great movement this week."
Decentrader CEO Filbfilb additionally stated that $180,000 was "the target" for BTC/USD upside.
"I will elaborate on my reasoning later, but this is the abbreviated form," he added.
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