Cryptocurrency trader Wolf Of All Streets, in his post on Twitter in bitcoin evaluated the recent rise and made an analysis about the upcoming period.
The analyst argued that the key resistance for Bitcoin price is $ 25,212, and if this level is exceeded, the bear market structure will be ended.
Arguing that it is not appropriate to celebrate the latest rise in the current situation, the analyst said that “all bears will die” if the said level is exceeded.
$25,212
Still the key resistance on the chart.
A break would make a higher high and end to bearish market structure.
Get above that and you can push me to the edge, all the bears are dead.
Can’t celebrate yet. https://t.co/pwOBA4QHpI
— The Wolf Of All Streets (@scottmelker) March 13, 2023
The Analyst Has Gave The Same Level In Bitcoin Before
However, the same analyst shared the same level again on February 16 and argued that this level would create a high top for the first time after $ 69,000.
Data from Coinglass shows that investors liquidated $300 million worth of crypto positions on Monday. Of these liquidations, $140 million was Bitcoin liquidation and $160 million was short positions.
According to Sean Farrell, head of digital assets strategy at FundStrat, the BTC rally came as some investors became aware of the vulnerability in the central banking system.
“Bitcoin is leading the market because there is a group of investors who recognize the fragility of central banking and the solutions BTC offers,” Farrell said.
“Crypto is responding as it should to the expected change in liquidity conditions,” he added.
Risk assets rose on Monday after US regulators announced on Sunday that Silicon Valley Bank would create a deposit insurance national bank to protect insured depositors.
*Not investment advice.
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