Bitcoin Clings to $23.5K as Bulls Refuse to Give Up
• Bitcoin clings to $23.5K as trader says BTC ‚identical‘ to 2020 breakout
• Market data from the US provides modest volatility but no overall trend change
• Traders are mixed on BTC’s longer-term outlook, with some expecting further gains and others expecting a pullback
Bitcoin Clings To $23.5K
Bitcoin (BTC) held steady around the $23,500 mark on Feb. 4 as bulls refused to give up support in out-of-hours trading. Macroeconomic data releases from the United States provided modest volatility but no overall trend change as traders bided their time heading into the weekend.
Mixed Longer-Term Outlook
Opinions on the longer-term outlook were mixed, with some maintaining that there was little reason to trust that Bitcoin’s rally would continue and others remaining optimistic about further gains. Popular trader Crypto Tony pointed out that „we have yet to complete a higher high and higher low market structure change“. Fellow trader Credible Crypto compared current BTC price action to late 2020 just after Bitcoin had passed its old 2017 all-time high, saying that „price action has developed beautifully off our lows“.
Wall Street Open
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding a narrow range in place since the Feb. 3 Wall Street open. Meanwhile, macroeconomic data releases from the United States provided modest volatility but no overall trend change as traders bided their time heading into the weekend.
Classic Bull Market Structures
Several sources point to classic bull market structures now in place on BTC price charts despite not everyone being bullish about the future of Bitcoin prices. Credible Crypto noted how current consolidation is identical to price action seen during a previous impulse from 10k – 60k+.
Final Thoughts
Whether or not Bitcoin will continue its pump remains to be seen, but traders are certainly watching closely for any signs of support or resistance at key levels like $22,765 or even $50,000 if got there eventually.