Bitcoin (BTC) hit $25,000 for the third time on Feb. 19 as a crucial weekly close neared.
BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView
Analysis warns of whale movements
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hit $25,038 on Bitstamp.
Off-hours, the bulls continued to push for a key level support-resistance flip, marking the start of a major cloud of resistance that included multiple long-term trendlines.
The atmosphere among traders was tense as there was everything to play until the end of the week.
“Sunday price action can usually only be trusted at the close of the day. That being said, I just have to hope it stays in the current range,” said popular trader Josh Rager accepted on twitter.
Analysis of Binance’s order book activity and monitoring of resource material indicators warned that large-volume players are still manipulating the spot price by moving bid and ask prices.
“The infamous BTC purchase has moved AGAIN!” It wrote in a previous update.
“It seems they are trying to force the price into their own requests. If they can attract enough buyers to hit $25,000, there is little friction at $26,000 and thin air at $30,000. I have no idea how long they can do this. Happy to play along.”
BTC/USD order book data (Binance). Source: Material Indicators/ Twitter
At the time of writing, volatility continued to decline on the spot markets with more than six hours remaining until the end of the weekly UTC candle.
The 2017 comparison points to a “big move” in the coming week
The longer-term view, meanwhile, kept trading suite Decentrader calm on the day.
Related: Bitcoin faces weekly monthly close with macro bull trend at stake
Comparing the current price behavior to Bitcoin’s previous four-year halving cycle, the company argued that everything was indeed playing out in line with historical norms.
“The recent move from $17,000 to $23,000 is consistent with the 2017 move around the 1000-day mark,” it reads tweeted next to an explanatory table.
“The price fluctuated and moved slightly higher for 30 days and then made another big move of about the same size. If Bitcoin continues to reflect 2017, we could see a big move this week.”
BTC price comparison chart. Source: Decentrader/Twitter
Decentrader CEO Filbfilb additionally specified that $180,000 was “the target” for BTC/USD to the upside.
“I’ll get into rational later, but that’s shorthand,” he added.
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