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Bitcoin () sought to end the week above $23,000 into the Feb. Preoccupations have moved closer to obstinate resistance.
BTC price bulls keep faith in $30,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $23,318 on the day, up $600 from its weekend lows.
The last measure saw a small rebound from a dark week for risk assets, where U.S. equities suffered on the back of higher than expected inflation data.
Despite that, Bitcoin still remained below levels flagged by analysts as important to reclaim before the end of the month.
Only isolated voices remained optimistic, these including popular trader Kaleo, who maintained that $30,000 remained a BTC price “magnet.”
#Bitcoin /
$30K is still a magnet. pic.twitter.com/68EeKhiBVv
— K A L E O (@CryptoKaleo) February 25, 2023
Crypto trader Altcoin Sherpa meanwhile offered a reference period for hitting the $30,000 mark — “4-6 weeks.”
“$BTC is still in a transition phase from bear -> bull , up only begins once the neckline is broke!” fellow trader and analyst Mags continued in part of a further summary.
Bloomberg analyst on Bitcoin: "Trend remains downward"
Also looking ahead, meanwhile, Mike McGlone, senior macro strategist at Bloomberg Intelligence, voiced misgivings about bulls’ ability to overcome the $25,000 resistance zone.
Related: Bitcoin eyes 25% of world’s wealth in new $10M BTC price prediction
“Headwinds Remain Strong; Markets Have Bounced - ‘Don't fight the Fed’ was the dominant headwind for markets in 2022, and remains so in 1Q,” he wrote in a Twitter summary of new research.
"Bitcoin's $25,000 resistance can turn out to be significant for all venture assets."
The research itself predicts that "the most tactically oriented are likely to concentrate on reactive sales" when it comes to BTC/USD, whereas it "can be a moment before the buy-and-hold guys take over."
The week prior, hopes remained high that $25,000 would not pose a major hurdle and that BTC/USD would be able to dispatch it without too much effort.
As a case, however, the scope of the task has become evident—in addition to the demands on trade order books, The most important moving averages (mas) are above, In particular the trend lines of 50 weeks and 200 weeks of Bitcoin.
The 50-week decline itself led mcglone to conclude that "the trend continues to decline."
