BTC whale population shrinks to early 2020 levels — 5 things to know in Bitcoin this week

cointelegraph.com:

Bitcoin (BTC) keeps pushing for a bullish end to February as the monthly close starts another week’s price action.

The largest cryptocurrency looks set to preserve its gains as it closes the second month of 2023 — and is keeping bulls’ hopes alive in the process.

Can the good times continue? The coming week could mean decision time for a key area of BTC price action around $25,000.

Analysts are eyeing a breakout toward $30,000 if support can become more permanent, while concerns nonetheless remain that a trip back towards resistance reclaimed in January is still on the cards.

Amid a quiet week for macroeconomic data, any catalysts for determining whether BTC/USD goes up or down may come from within Bitcoin itself.

One thing is for sure, on-chain data shows — long-term Bitcoin hodlers are in no mood for selling yet, and at current prices continue to add to their BTC exposure en masse.

Cointelegraph takes a look at some of the major factors to bear in mind when it comes to what Bitcoin might do in the coming week.

It looked touch-and-go into the weekend, but Bitcoin has managed to avoid a major retracement and reversed upward into the new week.

A weekly close at around $23,500 was music to the ears of those keen to see a bullish rebound sooner rather than later.

“BTC has managed to break back above the ~$23400 level which is the Range High of the macro Monthly Range,” popular trader and analyst Rekt Capital explained.

At current levels, BTC/USD is up around 1.25% in February 2023 — modest by historical standards but still conspicuous in preserving the year’s gains.

For Rekt Capital, March marks the real make-or-break month for BTC/USD as it approaches a long-term trend line, a break of which would signal a full trend reversal.

“Febru