BTC price needs to close February above 50-month trend line — analysis

Bitcoin (BTC) faced a showdown with a cardinal inclination enactment connected Feb. 28 arsenic the monthly adjacent yet arrived.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Bitcoin "doesn't consciousness bullish" into February close

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling an country astir $23,500 astatine the Wall Street open.

With United States stocks level and the U.S. dollar avoiding a instrumentality to strength, eyes were connected Bitcoin to sphere its gains done last-minute volatility.

“Would similar to spot much Bitcoin bid liquidity participate the progressive trading scope to summation the chances of closing the Monthly candle supra the 50-Month Moving Average,” monitoring assets Material Indicators wrote successful 1 of respective Twitter posts connected the day.

“Volume has been weak, truthful astatine this signifier doesn't consciousness bullish.”

An accompanying illustration showed BTC/USD bid and inquire levels connected the Binance bid book.

BTC/USD bid publication information (Binance). Source: Material Indicators/ Twitter

Material Indicators noted that the period of March held a cardinal macroeconomic lawsuit successful the signifier of the Federal Reserve’s adjacent determination connected involvement complaint hikes. This was owed connected Mar. 22 courtesy of the Federal Open Market Committee (FOMC).

“Close supra the 50-Month MA = Bullish Close beneath $23,128 = Red and an invitation to retest cardinal enactment levels,” portion of different station continued.

“Close betwixt the 50-Month MA - $23,128 = Green Monthly adjacent and scope to the adjacent complaint hike astir the March 22nd FOMC meeting.”

BTC/USD 1-month candle illustration (Bitstamp) with 50MA. Source: TradingView

Scott Melker, the trader and podcast big known arsenic "The Wolf of All Streets," meantime demanded much of spot price, calling the country instantly supra "no man's land."

"Bullish breaker (red zone) holding arsenic enactment astatine the moment. Still successful nary man's onshore betwixt $21,473 and $25,212," helium commented connected a illustration showing people levels.

BTC/USD annotated chart. Source: Scott Melker/ Twitter

All quiescent connected macro landscape

A deficiency of absorption successful the U.S. dollar meantime removed a imaginable headache for hazard plus bulls connected the day.

Related: Bitcoin exchanges present ain 16% little BTC than the oldest hodlers

The U.S. dollar scale (DXY) spike to multi-day lows arsenic it failed to equine a comeback aft giving up gains from the week prior.

U.S. dollar scale (DXY) 1-hour candle chart. Source: TradingView

On U.S. equities, the S&P 500 traded down 0.2% astatine the clip of writing, portion the Nasdaq Composite Index was stationary connected the day. 

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.