Bitcoin (BTC) sought to end the week above $23,000 through the close of February 26 as concerns about stubborn resistance mounted.
BTC price bulls maintain confidence at $30,000
Data from Cointelegraph Markets Pro and TradingView BTC/USD showed it reaching $23,318 on the day, up $600 from its weekend lows.
The latest move marked a modest comeback after a dismal week for risky assets that saw US stocks suffer thanks to above-expected inflation data.
Despite this, bitcoin remained below levels that analysts have indicated are important to recover before the end of the month.
Only isolated voices remained optimistic, including popular trader Kaleo, who asserted that $30,000 remains a “magnet” for the Bitcoin price.
Meanwhile, cryptocurrency trader Altcoin Sherpa progress Reference period for reaching the $30,000 mark – “4-6 weeks”.
“$BTC is still in transition from a bear -> bull, it only starts going up once the neckline is broken!” Fellow Trader and Analyst Mags I continued In part from another summary.
Bloomberg Bitcoin Analyst: “The trend is still down”
Also looking ahead, meanwhile, Mike McGlone, senior macro analyst at Bloomberg Intelligence, expressed concerns about the bulls’ ability to overcome the $25,000 resistance area.
Related: Bitcoin Eyes 25% of World Wealth in New $10 Million BTC Price Prediction
“Headwinds Remain Strong; Markets Recovered – ‘Don’t Fight the Fed’ Was the Dominant Headwind for Markets in 2022, and Still in Q1” books In the Twitter summary of the new search.
“Bitcoin’s $25,000 Resistance Could Be Important for All Risky Assets.”
The same research predicted that “people who are more tactically oriented are likely to focus on responsive selling” when it comes to BTC/USD, while “it may take some time before buy-and-hold types gain the upper hand.”
The previous week, Amal remained elevated That $25,000 wouldn’t be much of a hurdle and that BTC/USD would be able to send without much effort.
However, in this case, the magnitude of the task becomes clear – in addition to questions about exchange order records, the main moving averages (MAs) lie above, in particular the 50-week and 200-week Bitcoin trend lines.
The decline of the 50-week moving average led to McGlone’s conclusion that “the trend remains downward.”
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