Bitcoin regains $25K amid hope record China easing will boost BTC price
Bitcoin (BTC) spent another day tackling $25,000 on Feb. 20 as analysts continued to warn over market manipulation.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD making up losses from around the weekly close to approach the $25,000 mark again at the time of writing.
Bulls remained unable to spark a resistance-support flip, however, and whale activity on exchanges kept suspicions high.
In its latest update, monitoring resource Material Indicators revealed that large-volume traders were artificially “thinning” resistance overhead, making it more likely that BTC/USD would move higher.
Co-founder Keith Alan referenced a wall of bid liquidity buoying spot price, something he called the “Notorious B.I.D.”
“Multiple rejections from $25k correlates perfectly with BTC macro TA which is a valid reason to TP at these levels, but Notorious B.I.D. is still trying to push price up,” a tweet stated.
Material Indicators added that “From a TA perspective this should be a local top, but Notorious B.I.D. is still running the binance order book.”
“They are distributing BTC ask liquidity out of the $25k - $25.5k range into the active trading zone so resistance is thinning,” part of comments additionally read.
A potential plan among such traders could be to spark a large price run, causing retail investors to pile in or go long, then get stuck as whales distribute BTC to the market at higher levels.
With United States markets closed for a holiday, meanwhile, one analyst turned to longer-term implications of moves from China.
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