A ‘snap back’ to $20K? 5 things to know in Bitcoin this week
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Loading... - Maire Dunne
- 20 Feb 2023
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Bitcoin sees split opinions as major $25,000 resistance combines with early signs that all is not well with the BTC price rally.
Bitcoin starts the last week of February in a volatile mood as a crucial area of resistance fails to break.
After a classic “fakeout” during low-volume weekend trading, BTC/USD is back below $25,000, with bulls still lacking momentum.
The largest cryptocurrency saw what looked like the next stage of its 2023 recovery last week, making swift gains and even tapping new six-month highs.
The good times were not to continue, however, and February’s progress has been much slower and hard won than January’s 40% gains. How will the rest of the month pan out?
A critical monthly close is due, along with a potential external price trigger in the form of minutes from the Federal Reserve.
Meanwhile, Bitcoin network fundamentals are due to leap to yet another all-time high, with miners in full recovery mode.
Cointelegraph takes a look at these factors and more in an overview of BTC price perspectives for the final week of February.
RSI “bearish divergence” causes alarm
After a mostly calm start to the weekend after days of macroeconomic data reactions, Bitcoin woke up late Sunday to rise back above $25,000.
However, this was not to last, and as Cointelegraph reported, signs on exchange order books pointed to manipulative moves by large-volume traders. Read More…
