Bitcoin continues to 'mirror' 2017 as weekend sees third attack on $25K

Bitcoin (BTC) tapped $25,000 for a 3rd clip connected Feb. 19 arsenic an all-important play adjacent approached.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Analysis warns implicit whale moves

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $25,038 connected Bitstamp.

Out-of-hours trading continued to spot bulls pushing for a support-resistance flip of the cardinal level, this marking the commencement of a major absorption cloud involving respective semipermanent inclination lines.

With everything to play for into the play close, the ambiance among traders was tense.

"Sunday terms question tin typically lone beryllium trusted towards regular close. Other than that, conscionable gotta anticipation it stays successful existent range," fashionable trader Josh Rager acknowledged connected Twitter.

Analyzing Binance bid publication activity, monitoring assets Material Indicators warned that large-volume players were inactive manipulating spot terms by moving bid and inquire levels.

#FireCharts 2.0 (beta) shows "they" conscionable cleared a way to $25.2k, but "they" besides pulled the notorious bid partition and moved it down to ~$23,450.#RiskManagement for the W. pic.twitter.com/RFKTc0CfYT

— Material Indicators (@MI_Algos) February 19, 2023

“The notorious BTC bargain partition moved AGAIN!” it wrote successful a erstwhile update.

“It appears they are trying to propulsion terms into their ain asks. If they tin pull capable buyers to wide $25k there's small friction to $26k and bladed aerial to $30k. No hint however agelong they tin bash this. Happy to play along.”

BTC/USD bid publication information (Binance). Source: Material Indicators/ Twitter

At the clip of writing, volatility continued to borderline backmost into spot markets with inactive much than six hours remaining until the UTC play candle close. 

2017 examination suggests "big move" successful coming week

The longer-term presumption meantime formed origin for calm for trading suite Decentrader connected the day.

Related: Bitcoin faces do-or-die weekly, monthly adjacent with macro bull inclination astatine stake

Comparing existent terms behaviour to Bitcoin's erstwhile four-year halving cycle, the steadfast argued that successful fact, everything was playing retired successful enactment with humanities norms.

"The caller determination from $17k to $23k matches the 2017 determination astir the 1000 time mark," it tweeted alongside an explanatory chart.

"Price ranged and moved somewhat higher for 30 days and past enactment successful different large determination of astir adjacent size. If Bitcoin continues to reflector 2017 we could beryllium successful for a large determination this week."

BTC terms comparative chart. Source: Decentrader/ Twitter

Decentrader CEO Filbfilb additionally stated that $180,000 was "the target" for BTC/USD upside.

"I’ll finesse with rational aboriginal but this is the abbreviated form," helium added.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.