Биткоин (БТК) threatened to ditch $23,000 as support on Feb. 25 as an ongoing price correction strengthened into the weekend.
BTC price support inches lower
Податоци од Коинтелеграфски пазари Про TradingView showed BTC/USD attempting to decide 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.
Previously higher up, the owners of the liquidity had moved it lower during the week.
“If the Notorious B.I.D. wall at $22,250 holds, I expect it to be part of the weekend whale games. I would not be trying to catch knives,” Material Indicators коментира.
“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,” they напиша во ажурирање на Твитер.
“Price needs to hold here for the retest to be successful. However, Weekly Close below this area would be a bearish sign.“
An additional post argued that the monthly close would be a key determining factor in the overall trend, this also being just days away.
Не успеа # БТК 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 -> $ BTC stays in & range & could dip lower in range# Крипто #Bitcoin pic.twitter.com/xTAqH7pVlm
- Рек Капитал (@rektcapital) Февруари 24, 2023
Bitcoin difficulty, hash rate stay the course
Others showed signs of frustration that Bitcoin could not crack $25,000 and reckon with more substantial long-term resistance levels above it.
Поврзани со: Преполовувањето на биткоинот 2024 година ќе биде неговото „најважно“ - интервју со Чарлс Едвардс
“Pretty amazing that we couldn’t just get an exit pump above 25K for god-tier short entry,“ Crypto Chase сумирани.
“Everyone bullish and euphoric and price just dumps off most obvious resistance.. such a shame. Maybe still get it later on.. idk. Crypto just don’t trade like it used to tbh.“
A subsequent update highlighted $22,700 as a downside level to preserve for another run at $25,000.
Gonna want to see 22.7K hold if a real push above 25K for liquidity is still in the cards. Confluence of Daily S/R + 0.618 fib of current leg. pic.twitter.com/ZHShTi9SzT
- Крипто потера (@ Крипто_Чаза) Февруари 24, 2023
A point of optimism meanwhile came in the form of Bitcoin network основи, with difficulty increasing 9.95% in its latest automated readjustment — the biggest 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, одговори.
Ставовите, мислите и мислењата изразени тука се само на авторите и не мора да ги одразуваат или претставуваат ставовите и мислењата на Cointelegraph.
Source: https://cointelegraph.com/news/bitcoin-price-tumbles-to-10-day-lows-as-notorious-b-i-d-keeps-support-at-22-5k