saw bitcoin todayBTC/USD) capped the weekend’s gains with another strike at $25,000. This is the third time that the price of bitcoin is attempting to rise above $25,000 and it is already showing signs of another coming in 2017.
Bitcoin price has seen somewhat parabolic movements since February 13, rising from trading around $21,000 to around $25,000 in six days.
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bitcoin price 2017 comparison
An analysis of Binance order book activity by Material Indicators shows that a large volume of traders were still manipulating the spot price by elevating the Ask and Bid price levels.
At the time of writing this news, when there were only 3 hours left for the weekly candlestick to close, the volatility in the spot markets started to increase again.
February 18th Decentradar Tweeted Saying:
“The recent move from $17k to $23k matches the move around the 1000 day mark in 2017. The price fluctuated and moved up slightly for 30 days and then another move of roughly similar size Big move up. If bitcoin continues to mirror 2017, we could be in for a big move this week.
Decentrader CEO Filbfilb also said that $180,000 is a “target” for the BTC/USD bull rally.
atmosphere of tension among traders
While analysts are predicting that bitcoin could be in for a major bull ride, traders are still skeptical given the huge price drop seen at the end of last year.
Trading outside the hours is also pushing for a support-resistance flip of key levels, marking the start of a major resistance cloud along several long-term trend lines. And even as the week closed on a high note, the atmosphere among traders remained tense. BTC faces a tough resistance level ahead,
For example a popular trader known as Josh Rager Tweeted Saying:
“Sunday price action can usually only be trusted on the daily close. Beyond that, one should just hope it stays in the current range.”
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