• Bitcoin price sees a third attack on the $25,000 mark as weekly close approaches.
• Large-volume Bitcoin exchange traders suspected of manipulating spot price.
• Analysis reveals attempts to flip key level and clear a path to $25,200.
Bitcoin Price Sees Third Attack at $25K
Bitcoin BTC $24,825 Bitcoin +1.43% MARKET CAP$479.04bVOL. 24H$1.43b tapped $25,000 for a third time on Feb. 19 as an all-important weekly close approached.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Suspicions Over Motives of Exchange Traders
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $25,038 on Bitstamp. Out-of-hours trading continued to see bulls pushing for a support-resistance flip of the key level, this marking the start of a major resistance cloud involving several long-term trend lines. With everything to play for into the weekly close, the atmosphere among traders was tense.
Analysis Warns Over Whale Moves
Analyzing Binance order book activity, monitoring resource Material Indicators warned that large-volume players were still manipulating spot price by moving bid and ask levels.“The notorious BTC buy wall moved AGAIN!“ it wrote in a previous update.
Risk Management for Weekly Close
„Sunday price movement can typically only be trusted towards daily close,“ popular trader Josh Rager acknowledged on Twitter.“Other than that, just gotta hope it stays in current range,“ he added.#FireCharts 2.0 (beta) shows „they“ just cleared a path to $25.2k, but „they“ also pulled the notorious bid wall and moved it down to ~$23,450.#RiskManagement for the W pic.twitter.com/RFKTc0CfYT— Material Indicators (@MI_Algos) February 19th 2023
Therefore with everything at stake into the weekly close there is every chance that traders will push for further gains in anticipation of another attempt at breaking through this important milestone in crypto history – and beyond!