Bitcoin eyeing 'next big move' which could see $19K retest — analyst
Bitcoin (BTC) is headed to either $28,000 or $19,000 and this week could decide all, fresh analysis says.
In Twitter comments on Feb. 15, popular trader Skew told followers that BTC/USD is now in a “pivotal area.”
Despite returning above $22,000 on the back of the Feb. 14 United States Consumer Price Index (CPI) print, Bitcoin has yet to resume the blistering rally which saw it gain 40% in January.
After two weeks of consolidation, however, the time to make a decision is here, Skew believes.
“I think we're setting up for the next big move,” he summarized alongside a chart showing relevant BTC price targets.
Those targets come in the form of $28,000 and $19,000 to the downside. Both somewhat echo others’ perspectives from throughout the 2023 recovery, with the area immediately below $20,000 of particular interest.
Current spot price levels, meanwhile, show that Bitcoin is testing a “pivotal area here in a big range,” Skew continued.
“Next couple days will be important,” he added.
Asked whether the odds favor one direction or another, the answer was less appetizing for bulls eager to continue the trip toward $30,000.
A combination of U.S. dollar strength, bond yields and stock market performance has already set up a problematic scenario for risk assets en masse, Skew explained.
“From here & the structure of DXY / JPYUSD, makes sense for USD to rally into friday,” a further post read.
As Cointelegraph reported, the U.S. dollar index (DXY) is on the radar for many market participants this month after seeing a rebound of its own, potentially breaking a multi-month downtrend definitively.
Related: Ethereum’s $1.5K support weakens as ETH traders turn slightly bearish
DXY continued to hold ground reclaimed in its latest push higher on
Read more on cointelegraph.com
