BTC price needs to close February above 50-month trend line — Analysis

Bitcoin (BTC) confronted a showdown with a key pattern line on Feb. 28 because the month-to-month shut lastly arrived.

Bitcoin “doesn’t feel bullish” into February shut

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD circling an space round $23,500 on the Wall Street open.

With United States shares flat and the U.S. greenback avoiding a return to energy, eyes had been on Bitcoin to protect its good points by way of last-minute volatility.

“Would like to see more Bitcoin bid liquidity enter the active trading range to increase the chances of closing the Monthly candle above the 50-Month Moving Average,” monitoring useful resource Material Indicators wrote in one in all a number of Twitter posts on the day.

“Volume has been weak, so at this stage doesn’t feel bullish.”

An accompanying chart confirmed BTC/USD bid and ask ranges on the Binance order e-book.

Material Indicators famous that the month of March held a key macroeconomic occasion within the type of the Federal Reserve’s subsequent determination on rate of interest hikes. This was due on March 22 courtesy of the Federal Open Market Committee (FOMC).

“Close above the 50-Month MA = Bullish Close below $23,128 = Red and an invitation to retest key support levels,” a part of one other publish continued.

“Close between the 50-Month MA – $23,128 = Green Monthly close and range to the next rate hike around the March 22nd FOMC meeting.”

Scott Melker, the dealer and podcast host often known as “The Wolf Of All Streets,” in the meantime, demanded extra of spot value, calling the world instantly above “no man’s land.”

“Bullish breaker (red zone) holding as support at the moment. Still in no man’s land between $21,473 and $25,212,” he commented on a chart exhibiting goal ranges.

All quiet on the macro panorama

A scarcity of route within the U.S. greenback, in the meantime, eliminated a possible headache for danger asset bulls on the day.

Related: Bitcoin exchanges now personal 16% much less BTC than the oldest hodlers

The U.S. Dollar Index (DXY) spiked to multi-day lows because it did not mount a comeback after giving up good points from the week prior.

On U.S. equities, the S&P 500 traded down 0.2% on the time of writing, whereas the Nasdaq Composite Index was stationary on the day. 

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