• Bitcoin price eyes $24K retest as US dollar dives into monthly close.
• BTC/USD rebounding in line with United States equities futures.
• U.S. stocks continued to recover ground lost the week prior at the time of writing, with the S&P 500 and Nasdaq Composite Index up 1% and 1.2%, respectively.
Bitcoin Price Eyes $24k Retest
The strong BTC price weekly close has become an attack on resistance levels that were lost the previous week as DXY headwinds lessen. At the Feb 27 Wall Street open, Bitcoin is headed toward $24,000 after a weekend low of $22,770 on Bitstamp which was quickly followed by a weekly candle close above $23,500. This rebound is in line with United States equities futures as stocks rebuild strength into the new week, giving hope that Bitcoin will finish February on a high note.
Analysis of Uptrend Enduring
Cointelegraph contributor Michaël van de Poppe stated that rejecting at crucial $23.8K level would indicate another test of support and if reclaimed a test of $25K could be expected which would trigger longs. Popular trader Crypto Tony gave similar opinions but erred on the more cautious side when it came to overall uptrend enduring; he suggests longing if reclaimed at $23,750 or looking to short if lost at $22,900 and remain below. Trading suite Decentrader also argued that stronger signals were needed before going long BTC; stating people have been keeping their long positions as it dropped and now the Long/Short ratio is starting to come down indicating recovery but still remaining very high at 1.8 so would need to see more get unwound before rally really gets going for proper bullish momentum build up .
Uptick Seen in Equities Futures
At the time of writing US stocks are continuing to recover ground lost last week with S&P 500 and Nasdaq Composite Index increasing by 1% and 1.2%, respectively while Dollar index (DXY) suffered dropping back below 90 points again closing in on its lowest level since April 2018 which suggests US dollar weakness boosting USD-denominated asset prices like bitcoin higher according to market experts .
Analysts’ Forecast
Analysts predict that if BTC reclaims its key resistance level near 24k then there can be upside potential for this digital coin opening doors for further bullish momentum towards 25k levels however some traders also suggest taking caution before investing heavily as there could be another drawdown test towards 22-23k levels due to current market conditions making any possible upside move unsustainable without proper signalling from market indicators .
Conclusion
It appears bullish sentiment remains intact for Bitcoin despite minor drops over weekend yet analysts are divided between whether we should expect an imminent break out or yet another drop down before any further gains can be seen both sides appear cautiously optimistic about future prospects given current market dynamics .