Bitcoin (BTC<\/a>) climbed back above $24,000 at the Feb. 17 Wall Street open as analysis favored \u201cconsolidation and continuation\u201d higher.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD recovering some overnight losses after dipping to $23,369 on Bitstamp.<\/p>\n The pair had hit fresh six-month highs the day prior, these facing stiff resistance<\/a> in the form of two weekly moving averages (MAs) and a heavy sell wall.<\/p>\n Scott Melker, the trader and podcast host known as \u201cThe Wolf Of All Streets,\u201d stressed the importance of levels acting as lines in the sand for bulls.<\/p>\n \u201c$25,212. I\u2019ve been screaming about this number for weeks. A break above (ideally close) makes a higher high for the first time since $69,000,\u201d he tweeted<\/a> about the weekly chart on Feb. 16. <\/p>\n \u201cThat breaks the bear trend. Just tapped it, to the penny… and dropped in the short term. Time to pay attention!\u201d<\/p><\/blockquote>\n Investigating activity on exchanges, monitoring resource Material Indicators identified bid support inching higher, taking spot price with it.<\/p>\n \u201cThe notorious BTC buy wall we\u2019ve been tracking for 5 weeks just strategically moved again, this time just above the 21-Day Moving Average,\u201d it\u00a0noted<\/a> alongside a chart. <\/p>\n \u201cThis entity seems to be playing the Technicals level by level.\u201d<\/p><\/blockquote>\n Accompanying data from the Binance BTC\/USD order book also showed resistance laddered up to $25,600 \u2014 well above the site of the 200-week MA, which flipped from support to resistance last August.<\/p>\n Cointelegraph contributor Micha\u00ebl van de Poppe was upbeat on the outlook, meanwhile, calling<\/a>\u00a0for\u00a0\u201cconsolidation and continuation.\u201d<\/p>\n Related:\u00a0Bitcoin metric prints \u2018mother of all BTC bullish signals\u2019 for 4th time ever<\/a><\/em><\/strong><\/p>\n \u201cBitcoin sees a sweep of the high and rejects a little there, but that doesn\u2019t mean we\u2019ll go to $12K,\u201d he reasoned in a tweet on the day.<\/p>\n A chart flagged<\/a> $22,800 as the key area for bulls to hold should BTC\/USD opt to print a higher low (HL) next.<\/p>\n The day prior, van de Poppe argued<\/a> that the period from March to June should be a \u201cparty\u201d throughout crypto markets.<\/p>\n \u201cIt\u2019s hard to define a proper strategy when everyone around you shouts the opposite. That\u2019s what\u2019s happening in those relief rallies,\u201d he continued<\/a> about the current state of crypto sentiment. <\/p>\n \u201cPeople are stuck in the mindset of the past 18 months and can only expect further downside. Hence they keep on shorting.\u201d<\/p><\/blockquote>\n It was long traders who nonetheless felt the bulk of the pain on Feb. 16, as Bitcoin\u2019s trip lower liquidated $45 million of positions, data from Coinglass shows. Cross-crypto long liquidations almost reached $125 million.<\/p>\n The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/a31d4f80-2970-4b88-b002-666e5477c006.png\")
Bitcoin faces key level to \u201cbreak\u201d bear trend<\/h2>\n
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Trader: Crucial support at $22,800<\/h2>\n
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