{"id":45063,"date":"2023-02-27T09:11:58","date_gmt":"2023-02-27T09:11:58","guid":{"rendered":"http:\/\/egrowonline.com\/?p=45063"},"modified":"2023-02-27T09:11:58","modified_gmt":"2023-02-27T09:11:58","slug":"bitcoin-may-only-need-4-weeks-to-hit-30k-as-key-monthly-close-looms","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=45063","title":{"rendered":"Bitcoin may only need 4 weeks to hit $30K as key monthly close looms"},"content":{"rendered":"


\n<\/p>\n

\n

Bitcoin (BTC<\/a>) sought to end the week above $23,000 into the Feb. 26 close as concerns heightened over stubborn resistance.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

BTC price bulls keep faith in $30,000<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD reaching $23,318 on the day, up $600 from its weekend lows.<\/p>\n

The latest move marked a modest comeback after a grim week for risk assets, with United States equities suffering thanks to above-expected inflation data.<\/p>\n

Despite that, Bitcoin still remained below levels flagged<\/a> by analysts as important to reclaim before the end of the month. <\/p>\n

Only isolated voices remained optimistic, these including popular trader Kaleo, who maintained that $30,000 remained a BTC price \u201cmagnet.\u201d<\/p>\n

\n

#Bitcoin<\/a> \/ $BTC<\/a><\/p>\n

$30K is still a magnet. pic.twitter.com\/68EeKhiBVv<\/a><\/p>\n

\u2014 K A L E O (@CryptoKaleo) February 25, 2023<\/a><\/p><\/blockquote>\n

Crypto trader Altcoin Sherpa meanwhile offered<\/a> a reference period for hitting the $30,000 mark \u2014 \u201c4-6 weeks.\u201d<\/p>\n

\u201c$BTC is still in a transition phase from bear -> bull , up only begins once the neckline is broke!\u201d fellow trader and analyst Mags continued<\/a> in part of a further summary.<\/p>\n

\"\"
BTC\/USD annotated chart. Source: Mags\/Twitter<\/em><\/figcaption><\/figure>\n

Bloomberg analyst on Bitcoin: \u201cTrend remains downward\u201d<\/h2>\n

Also looking ahead, meanwhile, Mike McGlone, senior macro strategist at Bloomberg Intelligence, voiced misgivings about bulls\u2019 ability to overcome the $25,000 resistance zone.<\/p>\n

Related:\u00a0Bitcoin eyes 25% of world\u2019s wealth in new $10M BTC price prediction<\/a><\/em><\/strong><\/p>\n

\u201cHeadwinds Remain Strong; Markets Have Bounced – \u2018Don’t fight the Fed\u2019 was the dominant headwind for markets in 2022, and remains so in 1Q,\u201d he wrote<\/a> in a Twitter summary of new research. <\/p>\n

\u201cBitcoin $25,000 resistance may prove significant for all risk assets.\u201d<\/p><\/blockquote>\n

The research itself predicted that \u201cthe more tactically orientated are likely to focus on responsive selling\u201d when it comes to BTC\/USD, while it \u201cmay be a while before buy-and-hold types gain the upper hand.\u201d<\/p>\n

The week prior, hopes remained<\/a> high that $25,000 would not pose a major hurdle and that BTC\/USD would be able to dispatch it without too much effort.<\/p>\n

In the event, however, the magnitude of the task became apparent \u2014 in addition to asks on exchange order books, key moving averages (MAs) lay above, notably Bitcoin\u2019s 50-week and 200-week trend lines.<\/p>\n

The declining 50-week MA itself led McGlone to conclude that \u201cthe trend remains downward.\u201d<\/p>\n

BTC\/USD 1-week candle chart (Bitstamp) with 50, 200 MA. Source: TradingView<\/em><\/figcaption><\/figure>\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


\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) sought to end the week above $23,000 into the Feb. 26 close as concerns heightened over stubborn resistance. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price bulls keep faith in $30,000 Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD reaching $23,318 on the day, up $600 from its weekend lows. The […]<\/p>\n","protected":false},"author":1,"featured_media":45064,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[3316,50,752,133,103,4451,6997,136],"class_list":["post-45063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-30k","tag-bitcoin","tag-close","tag-hit","tag-key","tag-looms","tag-monthly","tag-weeks"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/02\/6ab1d3ca-1446-46d8-aa95-d1198335fe11.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/45063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45063"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/45063\/revisions"}],"predecessor-version":[{"id":45065,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/45063\/revisions\/45065"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/45064"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45063"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}