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A 'snap back' to $20K? 5 things to know in Bitcoin this week

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Bitcoin is seeing split opinions as major $25,000 resistance combines with early signs that all is not well with the BTC price rally.

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.

Meanwhile, Bitcoin network fundamentals are due to leap to yet another all-time high, and miners are in full recovery mode.

Cointelegraph takes a look at these factors and more in an overview of BTC price perspectives for the final week of February.

RSI "bearish divergence" causes alarm

After a mostly calm start to the weekend after days of macroeconomic data reactions, Bitcoin woke up late Sunday to rise back above $25,000.

This was not to last, however, and as Cointelegraph reported, signs on exchange order books pointed to manipulative moves by large-volume traders.

A subsequent comedown after the weekly close took BTC/USD below $24,000 before a bounce back to the same levels as Saturday, where the pair still traded at the time of writing, according to data from Cointelegraph Markets Pro and TradingView.

7561b76c-43a7-41a5-a88b-8aa8b89004a8.pngBTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

For traders, there was naturally cause to be wary.

“Not paying much attention to weekend PA.. BTC typically saves it's meaningful moves for US stock market hours,” Crypto Chase wrote in part of a Twitter summary.

Monitoring resource Material Indicators, which originally flagged the order book activity, meanwhile queried how long the phenomenon might continue with bulls powerless to make inroads higher.

Do you think support will hold at the notorious bid wall to play the range again or will it spoof and dump?

Remember #TradFi Markets are closed Monday. If you're playing the game with Notorious B.I.D., manage your risk accordingly. pic.twitter.com/ZyZlHTMFWM

— Material Indicators (@MI_Algos) February 19, 2023

An additional chart of the Binance order book confirmed that major bid support, known as a “bid wall,” had moved lower to $23,460, giving spot price room to drift lower alongside.

3fac3f6f-336f-4c15-8058-b998bbcf4736.pngBTC/USD order book data (Binance). Source: Material Indicators/ Twitter

Fellow trader and analyst Matthew Hyland meanwhile admitted that it was “really hard to tell” whether Bitcoin could break higher on short timeframes.

Holding the area around $22,800 in the event of a pullback, followed by the key breakout, however, “wouldn’t surprise me,” he said on the day.

1a6aaa0f-1b7e-4c81-859b-a643a6d38dc9.pngBTC/USD annotated chart. Source: Matthew Hyland/ Twitter

More concerned about the strength of the rally was Venturefounder, a contributor to on-chain analytics platform CryptoQuant.

In a Twitter thread, he warned that even external factors such as “macro weakness” could have an immediate bearish impact on crypto markets.

“Bitcoin bearish RSI divergence continues… Almost the exact opposite way of May-July 2021 period. I think any macro weakness can have BTC snap back to $19-20k real quick,” part of comments stated.

Venturefounder referenced the Relative Strength Index (RSI) metric, which measures how overbought or oversold an asset is at a given price point. In 2021, RSI was increasing versus a BTC price correction, this subsequently ending in current all-time highs of $69,000 in November that year.

All eyes on FOMC minutes and U.S. dollar

What form that “weakness” on macro markets might take remains to be seen.

The upcoming week holds considerably fewer potential macro triggers than the last, with a sprinkling of U.S. data releases including personal spending in the form of the Personal Consumption Expenditures (PCE) Index.

The event on most crypto pundits’ radar, however, is the release of the minutes from February’s Federal Open Market Committee (FOMC) meeting at the Fed.

This was where the latest benchmark interest rate hike was decided, and expectations now are for Fed Chair Jerome Powell to have included talk of a moratorium on rate hike policy — if only theoretically.

“We also have FOMC minutes releasing on Wednesday where Powell will describe what a rate hike ‘pause’ could look like,” Crypto Chase mentioned about the event.

“Middle of upcoming week is where I start considering swing entries.”

Not everyone is convinced that the FOMC minutes will be plain sailing, however. Among them is financial market research resource Capital Hungry, which this week warned that “sneaky hawkish revisions” may be revealed.

“Feds sneak in hawkish revisions out of the spotlight (not an active FOMC) with market already adjusted to CPI revisions and Jan report. PCE data feeds into elevated inflation sentiment,” it argued in part of Twitter commentary.

92d5434d-35e7-411b-95a6-73ce69f04693.pngU.S. dollar index (DXY) 1-hour candle chart. Source: TradingView

Any return of inflationary tendencies would be a boost to U.S. dollar strength, which spent the last macro trading day of last week erasing prior gains.

Matthew Dixon, founder and CEO of crypto rating platform Evai, spelled out the bearish scenario for the U.S. dollar index (DXY), in what would be a bullish tailwind for risk assets including crypto.

Looking the look of #DXY so far. If we are already on the way down to complete the Y wave then this will be positive for #Btc #Eth #Crypto and risk assets in general #Evai pic.twitter.com/9OEHTG1d1v

— Matthew Dixon - CEO Evai (@mdtrade) February 20, 2023

Analyst: moving average "cloud" is there to be broken

As Cointelegraph continues to report, Bitcoin bulls have a problem which is becoming increasingly obvious on short timeframes — the 200-week moving average (WMA).

A classic “bear market” trend line, the 200WMA has acted as resistance since the middle of 2022, and BTC/USD has spent more time below than ever before.

Reclaiming the level would mark a conspicuous achievement, but so far, all attempts have met with flat rejection.

“If Bitcoin manages to break above the 200-week MA cloud, which is becoming increasingly likely, we're going to see a lot more TradFi coverage of crypto again,” Caleb Franzen, senior market analyst at Cubic Analytics, summarized at the weekend.

Franzen additionally showed the levels at stake in the short term, with $25,200 the ceiling in need of a breakout.

Short-term levels that #Bitcoin keeps wrestling with... pic.twitter.com/Qmx9UBKyht

— Caleb Franzen (@CalebFranzen) February 19, 2023

The “cloud” he referred to involves more than just the 200WMA, however — Bitcoin’s 50WMA is currently at $24,462, coinciding exactly with current spot price focus.

Additionally, asks on exchange order books are stacked around the 200WMA, increasing the challenges present in flipping it from resistance to support.

In research published on Feb. 18, Franzen described the WMA cloud as one of “two major signals to add more bullish fuel to the fire” alongside realized price.

“BTC was rejected on this dynamic range for the first time in August 2022 and was briefly rejected on this level earlier in the week. While it be able to break above on this second attempt?” he queried.

9d2b4591-80e9-4869-8367-27fc6340f407.pngBTC/USD 1-week candle chart (Bitstamp) with 50, 200MA. Source: TradingView

Hash rate, difficulty in line for fresh record highs

In a familiar silver lining, Bitcoin’s network fundamentals are keeping the bullish vibe firmly intact as the month draws to a close.

The next automated readjustment will see difficulty add an estimated 10% to its existing tally. This will cancel out the previous readjustment’s modest decline to send difficulty to new all-time highs.

fc6955ea-3b48-4de1-8326-1a776b26d7e1.pngBitcoin network fundamentals overview (screenshot). Source: BTC.com

This is a key yardstick for gauging Bitcoin miner sentiment, as such large increases suggest corresponding advances in competition for block subsidies.

It comes on the back of increasing coverage of so-called “ordinals” fees, with miner profitability clearly recovering after months of pressure.

2b99ba4d-6002-4c24-ae85-1df4ef1a0b1c.pngBitcoin miner net position change chart. Source: Glassnode

Data from on-chain analytics firm Glassnode bears this out. Miners have begun retaining more BTC than they sell on rolling monthly timeframes, it shows, reversing a trend of net sales in place from mid-January.

Raw data from MiningPoolStats meanwhile shows Bitcoin network hash rate also preserving its upward trend, remaining at over 300 exahashes per second (EH/s).

91a7519f-16c0-44d0-8ed2-b20819c3c2d9.pngBitcoin hash rate raw data chart (screenshot). Source: MiningPoolStats

“Unstoppable!” economist and analyst Jan Wuestenfeld commented about the phenomenon as its 30-day moving average climbed to new all-time highs of its own last week.

Joe Burnett, head analyst at Blockware, described hash rate growth as “truly relentless.”

“The 14 day moving average of total global hashrate now sits at ~ 290 EH/s. Bitcoin miners are scavenging the Earth for cheap, wasted, excess energy,” he added alongside Glassnode figures.

Longtime Bitcoin market participants will recall the once popular phrase, “price follows hash rate,” which postulates that a large enough hash rate uptrend has inevitable bullish implications for BTC price action.

Most "greed" since Bitcoin all-time highs

$25,000 is a headache for reasons beyond solid resistance — breaking above it could be an unsustainable move for Bitcoin.

Related: Bitcoin’s bullish price action continues to bolster rallies in FIL, OKB, VET and RPL

The latest findings from research firm Santiment suggest that at around those multi-month highs, crypto market sentiment simply becomes too greedy.

“Bitcoin's 8-month high yesterday came with a great amount of euphoria,” it commented on a chart showing social media activity.

“Perhaps a bit too much, as the positive commentary on social platforms may have created a local top. Just as the negative commentary on Feb. 13th likely contributed to the bottom.”
37add4b1-3542-4b1a-b0d8-0dabdadaacdf.pngBitcoin sentiment annotated chart. Source: Santiment/ Twitter

The phenomenon is also visible on altcoins, with Santiment singling out Dogecoin (DOGE) as a key example this month.

“This pattern of social volume and highly positive sentiment toward Dogecoin perfectly illustrates how euphoria creates price tops. Regardless of your opinion on DOGE, hype on this asset in particular historically foreshadows market corrections,” it concluded.

The ever-popular Crypto Fear & Greed Index meanwhile shows “greed” as the overriding sentiment flavor across crypto this week.

The push to the highs for Bitcoin coincided in a reading of 62/100 for the Index, marking new highs in the period since the November 2021 push to $69,000 on BTC/USD.

6504520a-3195-48dc-bc2d-1468d843ddc0.pngCrypto Fear & Greed Index (screenshot). Source: Alternative.me

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Source

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    God bless Capital Crypto Recover Services for the marvelous work you did in my life, I have learned the hard way that even the most sensible investors can fall victim to scams. When my USD was stolen, for anyone who has fallen victim to one of the bitcoin binary investment scams that are currently ongoing, I felt betrayal and upset. But then I was reading a post on site when I saw a testimony of Wendy Taylor online who recommended that Capital Crypto Recovery has helped her recover scammed funds within 24 hours. after reaching out to this cyber security firm that was able to help me recover my stolen digital assets and bitcoin. I’m genuinely blown away by their amazing service and professionalism. I never imagined I’d be able to get my money back until I complained to Capital Crypto Recovery Services about my difficulties and gave all of the necessary paperwork. I was astounded that it took them 12 hours to reclaim my stolen money back. Without a doubt, my USDT assets were successfully recovered from the scam platform, Thank you so much Sir, I strongly recommend Capital Crypto Recover for any of your bitcoin recovery, digital funds recovery, hacking, and cybersecurity concerns. You reach them Call/Text Number +1 (336)390-6684 His Email: [email protected] Contact Telegram: @Capitalcryptorecover Via Contact: [email protected] His website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 13.10.25 01:11 elizabethrush89

    God bless Capital Crypto Recover Services for the marvelous work you did in my life, I have learned the hard way that even the most sensible investors can fall victim to scams. When my USD was stolen, for anyone who has fallen victim to one of the bitcoin binary investment scams that are currently ongoing, I felt betrayal and upset. But then I was reading a post on site when I saw a testimony of Wendy Taylor online who recommended that Capital Crypto Recovery has helped her recover scammed funds within 24 hours. after reaching out to this cyber security firm that was able to help me recover my stolen digital assets and bitcoin. I’m genuinely blown away by their amazing service and professionalism. I never imagined I’d be able to get my money back until I complained to Capital Crypto Recovery Services about my difficulties and gave all of the necessary paperwork. I was astounded that it took them 12 hours to reclaim my stolen money back. Without a doubt, my USDT assets were successfully recovered from the scam platform, Thank you so much Sir, I strongly recommend Capital Crypto Recover for any of your bitcoin recovery, digital funds recovery, hacking, and cybersecurity concerns. You reach them Call/Text Number +1 (336)390-6684 His Email: [email protected] Contact Telegram: @Capitalcryptorecover Via Contact: [email protected] His website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 14.10.25 01:15 tyleradams

    Hi. Please be wise, do not make the same mistake I had made in the past, I was a victim of bitcoin scam, I saw a glamorous review showering praises and marketing an investment firm, I reached out to them on what their contracts are, and I invested $28,000, which I was promised to get my first 15% profit in weeks, when it’s time to get my profits, I got to know the company was bogus, they kept asking me to invest more and I ran out of patience then requested to have my money back, they refused to answer nor refund my funds, not until a friend of mine introduced me to the NVIDIA TECH HACKERS, so I reached out and after tabling my complaints, they were swift to action and within 36 hours I got back my funds with the due profit. I couldn’t contain the joy in me. I urge you guys to reach out to NVIDIA TECH HACKERS on their email: [email protected]

  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 18:07 crypto

    Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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