• Bitcoin (BTC) price bulls hoped to end the week above $23,000 ahead of the February 26 close.
• Bloomberg Intelligence warned that $25,000 may stay in place as major resistance for BTC/USD.
• Crypto traders and analysts remain optimistic about hitting $30,000 in 4-6 weeks.
Bitcoin Bulls Attempt to Close Above 23K
Bitcoin (BTC) bulls attempted to push the cryptocurrency’s price above the psychologically significant level of $23,000 marking a modest comeback after a grim week for risk assets. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $23,318 on the day – up $600 from its weekend lows – as investors sought to end the week on a high note ahead of the February 26 close.
Bloomberg Analyst Warns 25K Resistance May Prove Significant
However, Bloomberg Intelligence warned that BTC/USD may be unable to pass through a major resistance level at $25,000 with senior macro strategist Mike McGlone noting that “headwinds” remained strong and that markets had bounced back but not enough to break through this key threshold. The research itself predicted that “the more tactically orientated are likely to focus on responsive selling” when it comes to BTC/USD in light of these headwinds and added that it “may be a while before buy-and-hold types gain the upper hand.”
Traders Remain Optimistic About Reaching 30K
Despite these warnings from Bloomberg Intelligence, many traders remained optimistic about Bitcoin’s odds at crossing the all-time-high of 20K with Kaleo noting that$30,000 was still a magnet for Bitcoin prices while Altcoin Sherpa suggested it could take as little as 4-6 weeks for BTC/USD prices hit this mark. Fellow trader and analyst Mags offered an annotated chart which highlighted various technical indicators which could offer insight into Bitcoin’s potential path forward in order to reach 30K over the next few weeks.
Inflation Data Causes Market Volatility
The latest moves marked a modest comeback after a grim week for risk assets caused by unexpected inflation data released by US authorities which saw stocks suffer significantly across various industries causing market volatility throughout February 24th trading sessions. Despite this Bitcoin still remained below levels flagged by analysts as important thresholds needing reclaiming before month’s end if prices were going to reach their all time highs again over 6 months since last setting record highs back in August 2022.
Although there is still considerable optimism among crypto traders and analysts about reaching $30k over the coming weeks there remains some reticence due to persistent resistance around 25k which has been preventing major breakthroughs since December 2021 when Bitcoin first began its historic bull run. Until then investors will need remain patient and vigilant watching closely how market conditions develop over coming days in anticipation of further gains or losses depending on how quickly or slowly momentum builds behind new all time highs being set again soon.