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Bitcoin aimed to finish the week above the $23,000 mark by the end of February 26th; however, it faced stubborn resistance above.
<source: binance, tradingview>
BTC price bulls remain optimistic about reaching the $30,000 level, though. According to data from TradingView, Bitcoin's value against USDT reached $23,367, which was about $600 higher than its lowest point over the weekend. This small increase came after a tough week for crypto assets, with US stocks taking a hit as well due to higher-than-anticipated inflation data.
Although Bitcoin showed some signs of improvement, it was still trading below the levels considered significant by analysts to recover by the end of the month.
Despite this, a few traders remained optimistic about BTC's price, with one of them being Kaleo, who believed that $30,000 was still a "magnet" for Bitcoin's value.
<source: twitter>
Another trader, Altcoin Sherpa, predicted that it would take 4-6 weeks to reach the $30,000 milestone.
However, some traders and analysts believe that Bitcoin still remains in a "transition phase" from bear to bull and that its upward trend will only begin once it breaks through the "neckline."
<source: twitter>
Mike McGlone, a senior macro strategist at Bloomberg Intelligence, has expressed concerns about Bitcoin's ability to break through the $25,000 resistance level. Despite a recent rebound in the markets, McGlone believes that there are still significant headwinds holding Bitcoin back.
McGlone stated on Twitter that "Don't fight the Fed" was the dominant factor impacting the markets in 2022 and that it remained so in the first quarter of the year. As a result, McGlone maintains a bearish outlook on Bitcoin's trend, believing that it will continue to move downward.
<source: twitter>
According to research by Bloomberg, the $25,000 resistance level for Bitcoin could have significant implications for all risky assets. The report suggests that traders who are focused on short-term gains may engage in responsive selling of BTC/USDT, while those with a long-term investment strategy may have to wait before seeing positive results.
The previous week, there was optimism that Bitcoin would overcome the $25,000 resistance level without much difficulty, but this turned out to be a bigger challenge than anticipated.
In addition to the sell orders on exchange order books, Bitcoin's 50-week and 200-week trend lines posed further obstacles. The declining 50-week moving average was a particular concern for Mike McGlone, who concluded that the trend for Bitcoin remained downward.
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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.