Bitcoin (BTC) attempted to finish the week above $23,000 at the close of Feb. 26 as concerns mounted over stubborn resistance.
BTC price bulls keep faith at $30,000
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair hit $23,318 on the day, $600 above the lows of the weekend.
The latest move marked a modest comeback after a dismal week for risk assets, which saw US equities suffer on the back of better-than-expected inflation data.
Despite this, Bitcoin still remained below levels flagged by analysts as important for recovery before the end of the month.
Only isolated voices remained bullish, including popular trader Kaleo, who maintained that $30,000 remained a BTC price “magnet”.
$30K is still a magnet. pic.twitter.com/68EeKhiBVv
— KALEO (@CryptoKaleo) February 25, 2023
Meanwhile, cryptocurrency trader Altcoin Sherpa offered a benchmark period to reach the $30,000 mark – “4-6 weeks”.
“$BTC is still in a bearish -> bullish transition phase, it only starts when the neckline is broken!” fellow trader and analyst Mags continuous in part of an additional summary.
Bloomberg Analyst on Bitcoin: “Trend Remains Downward”
Also looking ahead, Mike McGlone, senior macro strategist at Bloomberg Intelligence, expressed doubts about the bulls’ ability to overcome the $25,000 resistance zone.
Related: Bitcoin Targets 25% of World’s Wealth in New $10M BTC Price Prediction
“The headwinds remain strong; Markets rebounded – ‘Don’t fight the Fed’ was the dominant headwind for markets in 2022 and remains so in Q1,” he he wrote in a Twitter summary of a new survey.
“Bitcoin’s $25,000 resistance could be significant for all risky assets.”
The research itself predicted that “the more tactically oriented are likely to focus on responsive selling” when it comes to BTC/USD, although “it may be a while before the buy-and-hold types gain the upper hand.”
Last week, wait remained high that $25,000 would not pose much of a hurdle and that BTC/USD would be able to dispatch it without too much effort.
In the event, however, the magnitude of the task became apparent – in addition to the requests in the exchange’s order books, major moving averages (MAs) were above, most notably Bitcoin’s 50-week and 200-week trend lines.
The 50-week MA decline itself led McGlone to conclude that “trend remains to the downside”.
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