Bitcoin price action returns to tackle familiar resistance, with bulls so far failing to make fresh inroads toward $25,000.
Bitcoin (BTC) rebounded to key resistance into Feb. 8 as crypto markets got a boost from a familiar source.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching the important $23,400 zone on Bitstamp overnight.
The pair reacted positively to the latest comments from the United States Federal Reserve, these also serving to send equities higher during the Feb. 7 Wall Street trading session.
Fed Chair Jerome Powell again mentioned “disinflation” during his appearance, reinforcing market hopes that interest rate hikes could cool more quickly in line with inflation. These stemmed from the latest meeting of the Federal Open Market Committee (FOMC) on Feb. 1, where the Fed raised rates by 0.25%.
“The message that we were sending at the FOMC meeting last Wednesday was really that the disinflationary process — the process of getting inflation down — has begun, and it’s begun in the goods sector, which is about a quarter of our economy,” he said at The Economic Club of Washington, D.C.
Powell nonetheless cautioned that there was “a long way to go” and that the U.S. was in “the very early stages of disinflation.”
Despite this, risk assets rallied into the Wall Street close, with the S&P 500 and Nasdaq Composite Index finishing up 1.3% and 1.9%, respectively.
Bitcoin also erased previous weakness, having dropped below $22,700 earlier in the week, but bulls proved unable to tackle ask liquidity at $23,400 and beyond.
That liquidity remained in place on the day, as visible in data covering the Binance order book supplied by on-chain monitoring resource Material Indicators.
“Markets rallied into the close yesterday, with Bitcoin's last H4 candle showing weakness at resistance & printing a shooting star,” popular trader Mark Cullen summarized about the latest events.
“I personally am still waiting for the lows to get swept. BUT if the BTC can close a H$ above 23.4k i will look for a push higher.”
Crucial area held for #Bitcoin, so we should be seeking for continuation.
— Michaël van de Poppe (@CryptoMichNL) February 8, 2023
Gameplan is simple;
- Crack $23.3K and we'll see new highs, correction is over.
- Lose $22.6K and I'll be seeking $21.5-21.7K for longs on #Bitcoin. pic.twitter.com/xJp6iSbeQb
Michaël van de Poppe, founder and CEO of trading firm Eight, was also encouraged by Bitcoin’s reaction. A flip of $23,300 to more solid support, he told Twitter followers on the day, would mean that the latest BTC price correction "is over."
BTC/USD traded at around $23,200 at the time of writing, with traders still counting down to volatility returning.
Looking ahead, the rest of the week held little by way of important macroeconomic cues for crypto markets.
Related: Bitcoin takes ‘lion’s share’ as institutional inflows hit 7-month high
As Cointelegraph reported, eyes were already on next week's inflation data, this coming in the form of the Consumer Price Index (CPI) print for January.
At the same time, chart analysts hoped for a positive outcome from Bitcoin's latest "golden cross" on the daily chart — its first since September 2021. At the same time, however, BTC/USD weekly timeframes continued to print a "death cross," a phenomenon which often preceded further downside in the past.
"Many say Death Cross/Golden Cross Lagging Indicator. It is Lagging for those who only think Golden Cross means Bullish, and Death Cross means Bearish. I use this indicator to understand Momentum," fellow trader Jibon wrote in part of a dedicated Twitter thread on the topic on Feb. 7.
Jibon compared the current setup to previous instances in 2015 and 2019, and added that it would take a "few days" for the impact of the crosses to become more obvious.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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robertalfred175
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14.10.25 08:46
robertalfred175
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14.10.25 08:46
robertalfred175
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15.10.25 18:07
crypto
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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