Bitcoin (BTC<\/a>) threatened to ditch $23,000 as support on Feb. 25 as an ongoing price correction strengthened into the weekend.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD attempting to decide the fate of the $23,000 mark on the day.<\/p>\n The pair had lost almost $1,000 on Feb. 24, ending the week in a limp position<\/a> along with United States equities while the dollar gained.<\/p>\n With \u201cout-of-hours\u201d trading now in place until Monday, chances for thinner liquidity to spark more pronounced moves heightened.<\/p>\n Analyzing the state of the Binance order book, monitoring resource Material Indicators confirmed the continued existence of a major line of bid support informally known as the \u201cNotorious B.I.D.\u201d and \u201cgreat wall.\u201d<\/p>\n Previously higher up, the owners of the liquidity had moved it lower during the week.<\/p>\n \u201cIf the Notorious B.I.D. wall at $22,250 holds, I expect it to be part of the weekend whale games. I would not be trying to catch knives,\u201d Material Indicators commented<\/a>. <\/p>\n \u201cExpect BTC to retest lows or potentially move to price discovery before a legit Bull Market Breakout.\u201d<\/p><\/blockquote>\n Turning to the upcoming weekly close, trader and analyst Rekt Capital meanwhile delineated $23,300 as important to hold to protect bulls\u2019 interests.<\/p>\n \u201cWeekly retest of the confluent area that is the Lower High and Monthly Range High resistance is now in progress,\u201d they\u00a0wrote<\/a> in a Twitter update. <\/p>\n \u201cPrice needs to hold here for the retest to be successful. However, Weekly Close below this area would be a bearish sign.\u201c<\/p><\/blockquote>\n An additional post argued that the monthly close would be a key determining factor in the overall trend, this also being just days away.<\/p>\n A failed #BTC<\/a> Weekly retest of ~$23400 as support would mean that price remains inside the Monthly Macro Range<\/p>\n Let’s see how the Monthly Closes<\/p>\n 1M Close above ~$23400 -> likely range breakout<\/p>\n 1M Close below -> $BTC<\/a> stays in & range & could dip lower in range#Crypto<\/a> #Bitcoin<\/a> pic.twitter.com\/xTAqH7pVlm<\/a><\/p>\n \u2014 Rekt Capital (@rektcapital) February 24, 2023<\/a><\/p><\/blockquote>\n Others showed signs of frustration that Bitcoin could not crack $25,000 and reckon with more substantial long-term resistance levels above it.<\/p>\n Related:\u00a0Bitcoin 2024 halving will be its \u2018most important\u2019 \u2014 Interview with Charles Edwards<\/a><\/em><\/strong><\/p>\n \u201cPretty amazing that we couldn\u2019t just get an exit pump above 25K for god-tier short entry,\u201c Crypto Chase summarized<\/a>.<\/p>\n \u201cEveryone bullish and euphoric and price just dumps off most obvious resistance.. such a shame. Maybe still get it later on.. idk. Crypto just don\u2019t trade like it used to tbh.\u201c<\/p><\/blockquote>\n A subsequent update highlighted $22,700 as a downside level to preserve for another run at $25,000.<\/p>\n $BTC<\/a><\/p>\n Gonna want to see 22.7K hold if a real push above 25K for liquidity is still in the cards. Confluence of Daily S\/R + 0.618 fib of current leg. pic.twitter.com\/ZHShTi9SzT<\/a><\/p>\n \u2014 Crypto Chase (@Crypto_Chase) February 24, 2023<\/a><\/p><\/blockquote>\n A point of optimism meanwhile came in the form of Bitcoin network fundamentals<\/a>, with difficulty increasing 9.95% in its latest automated readjustment \u2014 the biggest since mid-January.<\/p>\n As Cointelegraph reported, both difficulty and hash rate continue to surge to new record levels<\/a> despite the slowdown in price recovery.<\/p>\n \u201cBitcoin mining became 10% more difficult last night,\u201c Maartunn, a contributing analyst to on-chain data platform CryptoQuant, responded<\/a>.<\/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\/4ae7cca9-accf-41d4-aad9-a7329c3c32fe.png\")
BTC price support inches lower<\/h2>\n
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Bitcoin difficulty, hash rate stay the course<\/h2>\n
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