19/02/2023
Bitcoin is leaving traders guessing as the bull market's future depends on the last week of February.
In multiple tweets on Feb. 17, popular trader and analyst Rekt Capital flagged crucial resistance battles ongoing on BTC/USD across multiple timeframes.
Bitcoin price squares off with bear market downtrend
Bitcoin hit new six-month highs this week as the latest innings of its 2023 recovery kept the bull-bear debate raging.
After a consolidatory start to the month, February has become a reckoning point for Bitcoin price strength. Gains have been harder to cement than in January, when BTC/USD finished up nearly 40%.
For Rekt Capital, now is the time to pay attention — whether trading daily, weekly or even monthly timeframes.
The weekly chart perhaps represents the biggest struggle in the wake of the 2022 bear market. Bitcoin is currently attempting to beat out an area of resistance it failed to conquer last August, so far without success.
“Ultimately, a Weekly Close above this key area is what BTC needs to achieve to break this confluent area of resistance to continue moving higher,” Rekt Capital wrote in part of an update on the weekly chart.
The picture is complicated thanks to two other major resistance trend lines lying overhead, coming in the form of the 50-week and 200-week moving averages (MAs).
As Cointelegraph reported, these have formed their first-ever “death cross” — a potential nail in the coffin for those hoping that a new bull market is beginning.
On monthly time frames, an equally tense situation is developing. Here, too, BTC/USD is “getting very close to breaking the Macro Downtrend,” Rekt Capital says.
