Bitcoin (BTC) managed to reach $25,000 for the third time on Feb. 19 as the crucial weekly closing time approached.
Concerns Raised Over Significant Moves by Large Investors
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD peaked at $25,038 on Bitstamp.
During off-hours trading, buyers aimed to turn the key level into a support level, initiating a significant resistance challenge that involved several long-term trend lines.
As traders anxiously awaited the weekly closing, there was tension in the air.
Popular trader Josh Rager tweeted, “Sunday price movement can usually only be trusted towards daily close. Other than that, just gotta hope it stays in current range.”
Material Indicators, a monitoring resource analyzing Binance order book activity, cautioned that whales were influencing the spot price by adjusting bid and ask levels.
A recent tweet by Material Indicators pointed out a shift in the BTC buy wall, indicating a potential strategy to lead the price to higher levels.
At the time of this writing, market volatility was increasing, and there was still more than six hours left until the weekly candle close.
Forecast Indicates a Significant Move in the Coming Week
On a positive note, Decentrader, a trading suite, offered a calming perspective on the situation, suggesting that the current price movement aligns with Bitcoin’s historic trends during halving cycles.
Comparing the recent price hike from $17k to $23k to a similar move in 2017, the firm predicted a potential significant move in the upcoming week, following a pattern observed during the 2017 cycle.
Decentrader CEO Filbfilb outlined a target of $180,000 for BTC/USD, emphasizing the rationale behind a bullish sentiment.
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