Bitcoin (BTC) has once again tapped the $25,000 mark, with bulls pushing for a support-resistance flip of the key level. This marks the start of a major resistance cloud involving several long-term trend lines, and traders are eagerly awaiting the weekly close to see what the outcome will be.
Josh Rager, a popular trader, has warned that Sunday price movement can typically only be trusted towards the daily close, and that traders should “just gotta hope it stays in current range”. Meanwhile, Material Indicators has reported that large-volume players are manipulating spot price by moving bid and ask levels.
Volatility is still present in spot markets, but Decentrader has argued that current price behavior is in line with Bitcoin’s previous four-year halving cycle. The firm has also stated that $180,000 is “the target” for BTC/USD upside.
It remains to be seen what the outcome of the weekly close will be, but it is clear that traders are eagerly awaiting the results. With the potential for a major resistance cloud to be broken, the next few hours could be crucial for Bitcoin’s future.