Bitcoin Positioned for “Big Move” – Here’s Why
Bitcoin (BTC) experienced a surge higher towards the end of the week as bulls pushed for a support-resistance flip of a critical level.
This marked the start of a significant resistance cloud that involved several long-term trend lines. As the weekly close approached, traders felt the tension in the atmosphere.
Popular trader Josh Rager acknowledged the cautiousness among traders and suggested that Sunday price movements could only be trusted towards the daily close. He also noted that, other than that, traders had to hope that Bitcoin would stay within the current range.
Meanwhile, Material Indicators, a monitoring resource that analyzes Binance order book activity, warned that large-volume players were manipulating the spot price by moving bid and ask levels.
Recently they noted that “the notorious BTC buy wall” has moved again.
“It appears they are trying to push price into their own asks.”
The resource continued by pointing out that if these large players can attract enough buyers to clear $25,000, there’s little to no resistance to $26,000 or even $30,000.
The notorious #BTC buy wall moved AGAIN!
It appears they are trying to push price into their own asks. If they can attract enough buyers to clear $25k there's little friction to $26k and thin air to $30k.
No clue how long they can do this. Happy to play along. #RiskManagement. pic.twitter.com/sgUWBTnzij— Material Indicators (@MI_Algos) February 18, 2023
However, the firm suggested that everything was playing out in line with historical norms compared to Bitcoin’s previous four-year halving cycle.
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They argued that Bitcoin’s recent move from $17,000 to $23,000 matched the 2017 move around the 1,000-day mark, as the price ranged and moved slightly higher for 30 days before putting in another big move of roughly equal size. According to Material Indicators, if the flagship crypto continues to act like it did in 2017, we could be in for a significant move this week.
Decentrader CEO Filbfilb also weighed in, sharing an upside target of $180,000 for BTC/USD. As the cryptocurrency market continues to evolve and mature, traders and analysts will closely monitor Bitcoin’s price movements and the actions of large-volume traders to gain insights and make informed decisions.
The recent move from $17k to $23k matches the 2017 move around the 1000 day mark.
Price ranged and moved slightly higher for 30 days and then put in another big move of roughly equal size.
If #Bitcoin continues to mirror 2017 we could be in for a big move this week. pic.twitter.com/lX5xjOu5Jx
— Decentrader (@decentrader) February 18, 2023
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
