Bitcoin (BTC) attempts to break past $25,000 for the third time resembling 2017 pattern

On February 19th, the price of Bitcoin reached $25,000 for the third time, and led to strong anticipation surrounding its weekly close. 

<source: tradingview, binance>

However, there are concerns over the actions of large Bitcoin holders, known as "whales." Trading data showed that there was strong buying activity from investors trying to push the price above the important $25,000 level, which would indicate a shift from resistance to support. 

This could potentially lead to a long-term upward trend. As the weekly close approached, traders were feeling nervous due to the uncertainty in the market.

A popular trader named Josh Rager stated on Twitter that the movement of Bitcoin's price on Sundays could only be trusted towards the end of the day, and in the meantime, traders can only hope that the price stays within its current range. 

A monitoring resource called Material Indicators analyzed the activity on the Binance order book and warned that large-volume players were manipulating the spot price by moving bid and ask levels. In a previous update, they noted that these players were trying to push the price up towards $25,000, which could potentially lead to a rise to $26,000 or even $30,000 if there is enough buying interest. 

<source: pbs.twing.com>

However, it is unclear how long these players can continue to manipulate the market. At the time of writing, there was still enough time remaining until the weekly candle closed, and there was increasing volatility in the spot markets.

Trading suite Decentrader is not overly concerned with the longer-term view of Bitcoin's price, as they saw the current price behavior as being in line with historical trends. 

They compared the recent move from $17,000 to $23,000 to a similar move that occurred in 2017, around the 1000 day mark in Bitcoin's four-year halving cycle. 

Decentrader tweeted an explanatory chart showing that after a period of ranging and slightly higher movement, Bitcoin experienced another big move of roughly the same size. They suggested that if Bitcoin continues to follow the 2017 pattern, then a big move may be in store for the coming week. 

<source: pbs.twing.com>

Decentrader CEO Filbfilb even set a target of $180,000 for BTC/USD upside, with further details to be worked out later.

Sign up for Cryptogram, an India-based free weekly newsletter on global crypto markets and Web3 technologies which promise to change our future. Sign up here. You can read our past editions here. Visit Giottus here.

Use promocode TNM51 at www.giottus.com/profile#promo after registration to get Rs.51 worth free Bitcoin.

Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.