BlocksInform
Bitcoin () threatened to ditch $23,000 as support on Feb. 25 as a continuously tightened price correction in the weekend.
BTC price support inches lower
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD attempting to make a decision on the fate of the $23,000 mark on the day.
The pair had lost almost $1,000 on Feb. 24, ending the week in a limp position along with United States equities while the dollar gained.
With "out-of-hours" trading now in place until Monday, the odds of thinner cash triggering stronger movements have increased.
Analysis of Binance's order book status, Monitoring of resource indicators confirmed the continued existence of a significant line of support for the call for tenders informally known as "Notorious B.I.D." and "Great Wall".
Previously, liquidity owners had moved liquidity to lower levels over the course of the week.
If the famous wall of B.I.D. at $22,250 holds, I expect that it will be part of the whale games of the weekend. I would not be trying to catch knives,” Material Indicators commented.
“Expect BTC to retest lows or potentially move to price discovery before a legit Bull Market Breakout.”
Turning to the upcoming weekly close, trader and analyst Rekt Capital meanwhile delineated $23,300 as important to hold to protect bulls' interests.
"Weekly retest of the confluent area that is the Lower High and Monthly Range High resistance is now in progress," he wrote in a Twitter update.
Price has to be maintained here in order for retest to succeed. However, a weekly closure under that zone would be a bear sign."
A supplementary post argued that the monthly closing would be a decisive factor in the overall trend, which is also only a few days away.
A failed Weekly retest of ~$23400 as support would mean that price remains inside the Monthly Macro Range
Let's see how the Monthly Closes
1M Close above ~$23400 -> likely range breakout
1M Close below -> stays in & range & could dip lower in range#Crypto #Bitcoin pic.twitter.com/xTAqH7pVlm
— Rekt Capital (@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 account for longer-term levels of more substantial resistance above.
Related: Bitcoin 2024 halving will be its ‘most important’ — Interview with Charles Edwards
"Pretty amazing that we couldn't just get an exit pump above 25K for god-tier short entry," Crypto Chase summarized.
"Everyone bullish and euphoric and just price throws the most obvious resistance.... such a shame. Perhaps I shall have it later. idk. Cryptos no longer exchange as before."
A subsequent update identified a decline level of $22,700 to keep for a further analysis at $25,000.
I want to see 22.7k stand if a real push over 25k for cash is still in the cards. Daily confluence S/R 0.618 fib from the actual leg. pic.twitter.com/ZHShTi9SzT
— Crypto Chase (@Crypto_Chase) February 24, 2023
A point of optimism meanwhile came in the form of Bitcoin network fundamentals, with difficulty increasing 9.95% in its latest automated readjustment — the most since mid-January.
As Cointelegraph reported, both difficulty and hash rate continue to surge to new record levels despite the slowdown in price recovery.
"Bitcoin mining became 10% more difficult last night," Maartunn, a contributing analyst to on-chain data platform CryptoQuant, responded.
