Bitcoin (BTC) sought to end the week above $23,000 on February 26 as concerns mounted over stubborn resistance.
BTC Price Bulls Keep Confidence in $30,000
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD reached $23,318 on the day, up $600 from its weekend low.
The latest move marked a modest comeback for risk assets after a grim week that saw United States equities rise thanks to above-expected inflation data.
Despite this, bitcoin still remains below a level flagged by analysts as crucial to reclaim before the end of the month.
Only isolated voices remained optimistic, including popular trader Kaleo, who said the $30,000 BTC price remained a “magnet”.
Crypto Trader Altcoin Sherpa Meanwhile … Offered A reference period for reaching the $30,000 mark – “4-6 weeks.”
“$BTC still in a transition phase from bears -> bulls, up starts only after neckline breaks!” fellow trader and analyst mag Ongoing In part another summary.
Bloomberg Analyst on Bitcoin: “The Trend Remains Downward”
Meanwhile, Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence, also expressed doubt about the bulls’ ability to overcome the $25,000 resistance area looking ahead.
RELATED: New $10M BTC Price Prediction Sees 25% of World’s Wealth in Bitcoin
“The chiefs prevail; Markets Have Bounced – ‘Don’t Fight The Fed’ Was Major Headwind For Markets In 2022, And Remains So In 1Q,” He wrote In a Twitter summary of the new research.
“Bitcoin $25,000 Resistance Could Prove Crucial for All Risk-On Assets.”
The research itself predicts that “the more tactically oriented are likely to focus on responsive selling” when it comes to BTC/USD, while “buy-and-hold types are more likely to gain the upper hand.” May take some time.”
week ago, hopefully remained high that $25,000 will not pose any major hurdle and that BTC/USD will be able to dispatch it without much effort.
In the event, however, the magnitude of the task became apparent – in addition to inquiries on exchange order books, major moving averages (MAs) held above, notably bitcoin’s 50-week and 200-week trend lines.
The decline in the 50-week MA itself has led McGlone to conclude that “the trend remains to the downside.”
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