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Bitcoin (
$62,744.00 ) (BTC) sought to end the week above $23,000 into the Feb. 26 close as concerns heightened over stubborn resistance.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
BTC price bulls keep faith in $30,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $23,318 on the day, up $600 from its weekend lows.
The latest move marked a modest comeback after a grim week for risk assets which saw United States equities suffer thanks to above-expected inflation data.
Despite that, Bitcoin ( $62,744.00 ) still remained below levels flagged by analysts as important to reclaim before the end of the month.
Only isolated voices remained optimistic, these including popular trader Kaleo, who maintained that $30,000 remained a BTC price “magnet.”
# Bitcoin ( $62,744.00 ) / $BTC
$30K is still a magnet. pic.twitter.com/68EeKhiBVv
— K A L E O (@CryptoKaleo) February 25, 2023
Crypto trader Altcoin Sherpa meanwhile offered a reference period for hitting the $30,000 mark — “4-6 weeks.”
“$BTC is still in a transition phase from bear -> bull , up only begins once the neckline is broke!” fellow trader and analyst Mags continued in part of a further summary.
BTC/USD annotated chart. Source: Mags/ Twitter
Bloomberg analyst on Bitcoin ( $62,744.00 ) : “Trend remains downward”
Also looking ahead, meanwhile, Mike McGlone, senior macro strategist at Bloomberg Intelligence, voiced misgivings about bulls’ ability to overcome the $25,000 resistance zone.
Related: Bitcoin ( $62,744.00 ) eyes 25% of world’s wealth in new $10M BTC price prediction
“Headwinds Remain Strong; Markets Have Bounced – ‘Don’t fight the Fed’ was the dominant headwind for markets in 2022, and remains so in 1Q,” he wrote in a Twitter summary of new research.
“ Bitcoin ( $62,744.00 ) $25,000 resistance may prove significant for all risk assets.”
The research itself predicted that “the more tactically orientated are likely to focus on responsive selling” when it comes to BTC/USD, while it “may be a while before buy-and-hold types gain the upper hand.”
The week prior, hopes remained high that $25,000 would not pose a major hurdle and that BTC/USD would be able to dispatch it without too much effort.
In the event, however, the magnitude of the task became apparent — in addition to asks on exchange order books, key moving averages (MAs) lay above, notably Bitcoin ( $62,744.00 ) ’s 50-week and 200-week trend lines.
The declining 50-week MA itself led McGlone to conclude that “the trend remains downward.”
BTC/USD 1-week candle chart (Bitstamp) with 50, 200 MA. Source: TradingView
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
