2023 Bitcoin price movements mirror 2017, weekend see a third attempt at $25K

Today has seen Bitcoin (BTC/USD) cap the weekend’s price surge with another stab at $25,000. It is the third time that the bitcoin price is attempting to break above $25,000 and it is already showing signs of pulling off another 2017.

Bitcoin price has seen some parabolic movements since February 13 moving from trading around $21,000 to just about $25,000 in six days.

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Bitcoin price 2017 comparison

An analysis of Binance order book activity by Material Indicators shows that large-volume traders were still manipulating spot prices by moving ask and bid price levels.

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

At the time of writing, with just about 3 hours remaining for the weekly candlestick to close, volatility continued to edge back into spot markets.

Decentrader of February 18 tweeted saying:

“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.”

Decentrader CEO Filbfilb also stated that $180,000 was “the target” for BTC/USD bull rally.

Tense atmosphere among traders

While analysts project that bitcoin could be in for a major bull ride, traders are still sceptical owing to the huge price drops they witnessed towards the end of last year.

Out-of-hours trading has also been seeing bulls pushing for a support-resistance flip of the key level, marking the beginning of a major resistance cloud with several long-term trend lines. And even as the week closed on a high note, the atmosphere among traders has been tense as BTC faces a difficult resistance level ahead.

A popular trader known as Josh Rager for instance tweeted saying:

“Sunday price movement can typically only be trusted towards daily close. Other than that, just gotta hope it stays in current range.”

Source: https://invezz.com/news/2023/02/19/2023-bitcoin-price-movements-mirror-2017-weekend-see-a-third-attempt-at-25k/