Bitcoin (BTC) attempted to end the week to close on Feb. 26 above $23,000 amid mounting concerns over stubborn resistance.
BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView
BTC price bulls believe in $30,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hit $23,318 on the day, $600 higher than the weekend.
The latest move marked a modest comeback after a dismal week for risk assets, which saw US stocks suffer on the back of better-than-expected inflation data.
Despite this, bitcoin still remained below the levels that analysts called important for the reclamation before the end of the month.
Only a few voices remained optimistic, including popular trader Kaleo, who claimed that $30,000 remained a “magnet” in BTC price.
Crypto trader Altcoin Sherpa, meanwhile offered a reference period for hitting the $30,000 mark – “4-6 weeks”.
“$BTC is still in a bear -> bull transition phase, upside will not start until neckline is broken!” Fellow trader and analyst Mags continued Part of another summary.
Annotated BTC/USD chart. Source: Mags/Twitter
Bloomberg Analyst on Bitcoin: “Trend Remains Down”
Looking ahead, Mike McGlone, senior macro strategist at Bloomberg Intelligence, raised concerns about the bulls’ ability to scale the $25,000 resistance zone.
Related: Bitcoin Considers 25% of World Assets in New $10M BTC Price Prediction
“Headwind remains strong; Markets have rallied – ‘Don’t fight the Fed’ was the dominant headwind for markets in 2022 and will remain so in Q1,’ he said wrote in a Twitter summary of new research.
“$25,000 Bitcoin resistance may prove significant for all risk assets.”
The study itself predicted that “the more tactically oriented will likely focus on responsive selling” when it comes to BTC/USD, while “buy-and-hold types may take a while to gain the upper hand.”
The week before, hopes stayed high that $25,000 wouldn’t be a big hurdle and that BTC/USD would be able to send it without too much hassle.
In the case, however, the magnitude of the abandonment became clear – in addition to bids in exchange order books, key moving averages (MAs) were above them, particularly Bitcoin’s 50-week and 200-week trend lines.
The bearish 50-week MA itself led McGlone to conclude that “trend is down”.
BTC/USD 1 week candlestick chart (Bitstamp) showing 50, 200 MA. Source: TradingView
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