Decentral Block Post

Bitcoin (BTC) starts the last week of February in a volatile mood as a crucial area of resistance fails to break.

After a classic “fakeout” during low-volume weekend trading, BTC/USD is back below $25,000, with bulls still lacking momentum.

The largest cryptocurrency saw what looked like the next stage of its 2023 recovery last week, making swift gains and even tapping new six-month highs.

The good times were not to continue, however, and February’s progress has been much slower and hard won than January’s 40% gains. How will the rest of the month pan out?

A critical monthly close is due, along with a potential external price trigger in the form of minutes from the United States Federal Reserve.

The Dow Jones Industrial Average fell for the third consecutive week but Bitcoin (BTC) price decoupled and is on track to close the week near the strong overhead resistance at $25,211. This suggests that the wider crypto market recovery is on a strong footing.

After Bitcoin’s sharp rally from the lows, analysts remain divided in their opinion about its next move. Some traders believe that the current Bitcoin rally will turn down once again, while others expect the momentum to continue, starting a new bull phase.

Chances are that Bitcoin and several other cryptocurrencies will continue to rally until a vast majority of the bears turn bullish. After that happens, a sizable dip is likely. That could shake out several weak hands and give an opportunity to the stronger hands to add to their positions. A higher low followed by a higher high may confirm the end of the bear phase and signal the start of the next bull market.

Meanwhile, select altcoins are looking strong and they may follow Bitcoin higher in the near term.

Let’s look at the charts to determine the critical levels to keep an eye on.

The Dow Jones Industrial Average fell for the third consecutive week but Bitcoin (BTC) price decoupled and is on track to close the week near the strong overhead resistance at $25,211. This suggests that the wider crypto market recovery is on a strong footing.

After Bitcoin’s sharp rally from the lows, analysts remain divided in their opinion about its next move. Some traders believe that the current Bitcoin rally will turn down once again, while others expect the momentum to continue, starting a new bull phase.

Chances are that Bitcoin and several other cryptocurrencies will continue to rally until a vast majority of the bears turn bullish. After that happens, a sizable dip is likely. That could shake out several weak hands and give an opportunity to the stronger hands to add to their positions. A higher low followed by a higher high may confirm the end of the bear phase and signal the start of the next bull market.

Meanwhile, select altcoins are looking strong and they may follow Bitcoin higher in the near term.

Let’s look at the charts to determine the critical levels to keep an eye on.