Bitcoin continues to ‘mirror’ 2017 as the weekend sees its third strike at $25K

Bitcoin (BTC) touched $25,000 for a third time on Feb. 19 as an all-important weekly close approached.

BTC/USD 1 hour candlestick chart (Bitstamp). Source: TradingView

Analysis warns of whale movements

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD reached $25,038 on Bitstamp.

During after-hours trading, bulls continued to push for a support-resistance flip from the key level, marking the beginning of a large resistance cloud with several long-term trendlines.

With everything to play for the weekly close, the atmosphere among traders was tense.

“Price movements on Sunday can typically only be trusted by the daily close. Other than that, I just have to hope it stays in the current range,” popular trader Josh Rager recognized on Twitter.

Analysis of Binance order book activity, monitoring resource Material Indicators warned that large volume players were still manipulating the spot price by moving bid and ask levels.

“The infamous BTC buying wall has moved AGAIN!” It wrote in an earlier update.

“It seems they are trying to put the price in their own questions. If they can attract enough buyers to clear $25,000, there’s little friction to $26,000 and air to $30,000. No idea how long they can do this. Fun to play with.”

BTC/USD order book data (Binance). Source: Material indicators/Twitter

At the time of writing, volatility has continued to return to the spot markets with over six hours left until the UTC weekly candle closes.

Comparison of 2017 suggests “big move” coming week

The longer-term view, meanwhile, was reason to rest for trading suite Decentrader on the day.

Related: Bitcoin faces do-or-die weekly, monthly close with macro bull trend at stake

Comparing current price behavior to Bitcoin’s previous four-year halving cycle, the company argued that, in fact, everything was playing out in line with historical norms.

“The recent move from $17,000 to $23,000 matches the 2017 move at around 1,000 days.” tweeted next to an explanatory chart.

“Price fluctuated and went slightly higher for 30 days and then took another big step of about the same size. If Bitcoin continues to mirror 2017, we could take a big step this week.”

BTC price comparison chart. Source: Decentrader/Twitter

Decentrader CEO Filbfilb moreover mention that $180,000 was “the target” for BTC/USD up.

“I’ll finesse with rational later, but this is short form,” he added.

The views, thoughts and opinions expressed here are those of the authors only and do not necessarily reflect or represent the views and opinions of Cointelegraph.


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