Bitcoin (BTC) threatened to break the $23,000 support on February 25 as the ongoing price correction strengthened over the weekend.
BTC price support inches lower
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trying to decide the fate of the $23,000 mark on the day.
The pair lost nearly $1,000 on February 24 and ended the week va limp position along with United States stocks, while the dollar gained.
With “after-hours” trading until Monday, the chances of lower liquidity fueling bigger moves have increased.
Analyzing the state of Binance’s order book and monitoring the resource, Material Indicators confirmed the continued existence of a main line of bid support informally known as the “Notorious BID” and the “Great Wall”.
Previously higher, liquidity holders pushed it lower during the week.
“If the notorious BID wall of $22,250 holds, I expect it to be part of the weekend’s whaling games. I wouldn’t try to grab knives,” Material Indicators he commented.
“Expect BTC to retest the lows or potentially go price discovery before a legitimate bull market breakout.”
As for the upcoming weekly close, trader and analyst Rekt Capital meanwhile identified $23,300 as an important hold to protect bulls’ interests.
“There is now a weekly retest of the contiguous area, which is the lower high and the monthly high resistance range,” he said he wrote in a Twitter update.
“Price needs to hold here for a retest to be successful. However, a weekly close below this area would be a bearish sign.”
Another post argued that the monthly close would be a key determinant in the overall trend, which is also just days away.
And it failed #BTC A weekly retest of ~$23,400 as support would see price stay inside the monthly macro range
Let’s see how the monthly closes
1M Close above ~$23400 -> likely range breakout
1M Close below -> $BTC remains in range and may drop lower in range#Crypto #Bitcoin pic.twitter.com/xTAqH7pVlm
— Rekt Capital (@rektcapital) February 24, 2023
Bitcoin difficulty, hash rate remain on course
Others showed signs of frustration that Bitcoin was unable to break $25,000 and count on more substantial long-term resistance levels above.
Related: Bitcoin’s 2024 Halving Will Be Its ‘Highest’ — Charles Edwards Interview
“Pretty amazing we couldn’t just get the output pump above 25K for a divine short entry,” Crypto Chase in summary.
“Everyone is bullish and euphoric and the price just throws off the most obvious resistance.. such a shame. Maybe it will get it later.. idk. Cryptocurrencies just don’t trade like they used to.”
A subsequent update highlighted $22,700 as a downside to be maintained for another run at $25,000.
I want to see it hold 22.7k if there is still real pressure on liquidity above 25k. Confluence of daily S/R + 0.618 fib current branch. pic.twitter.com/ZHShTi9SzT
— Crypto Chase (@Crypto_Chase) February 24, 2023
A point of optimism, meanwhile, came in the form of Bitcoin network basicswith a difficult 9.95% increase in its latest automatic adjustment – the most since mid-January.
Like Cointelegraph reportedboth difficulty and hash rate continue to surge to new record highs despite a slowdown in price recovery.
“Bitcoin mining became 10% more difficult last night,” Maartunn, contributing analyst for on-chain data platform CryptoQuant, he replied.
The views, thoughts and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.
