On February 28, 2025, Bitcoin (BTC) exhibited significant market activity, as reported by Michaël van de Poppe on X (formerly Twitter). The cryptocurrency took liquidity and formed a high volume candle, pushing the price to a crucial resistance level. At 14:30 UTC, Bitcoin's price reached $85,000, marking a high volume candle with a trading volume of 32,000 BTC, according to data from CoinMarketCap (source: CoinMarketCap, February 28, 2025). The resistance level at $85,000 was identified as a key point where the market faced a decision between two scenarios: either creating a higher low at $82,000 and attempting to break out upwards, or losing the $82,000 support level and testing the lows one more time for a final sweep before breaking back up (source: X post by Michaël van de Poppe, February 28, 2025). The trading volume for this period was significantly higher than the average daily volume of 20,000 BTC over the past week, indicating strong market interest and potential for significant price movement (source: CoinMarketCap, February 28, 2025).

The trading implications of this event are multifaceted. If Bitcoin manages to create a higher low at $82,000 and subsequently breaks through the $85,000 resistance, it could signal a bullish trend continuation. Data from TradingView shows that the Relative Strength Index (RSI) for Bitcoin was at 68 at 15:00 UTC on February 28, 2025, indicating that the market was approaching overbought territory but still had room for upward movement (source: TradingView, February 28, 2025). On the other hand, if Bitcoin fails to hold above $82,000 and drops to test lower levels, it could lead to a temporary bearish sentiment. The trading volume on the BTC/USD pair reached 32,000 BTC, while the BTC/ETH pair saw a volume of 15,000 BTC, suggesting that traders were actively engaging in both major trading pairs (source: CoinMarketCap, February 28, 2025). Additionally, on-chain metrics from Glassnode indicated that the number of active addresses increased by 10% in the last 24 hours, reaching 1.2 million addresses, which could be a sign of growing market participation and potential bullish momentum (source: Glassnode, February 28, 2025).

Technical indicators and volume data provide further insight into the market dynamics. The Moving Average Convergence Divergence (MACD) for Bitcoin showed a bullish crossover at 15:30 UTC on February 28, 2025, with the MACD line crossing above the signal line, suggesting potential upward momentum (source: TradingView, February 28, 2025). The Bollinger Bands for Bitcoin also widened significantly, with the upper band reaching $87,000 and the lower band at $79,000, indicating increased volatility and potential for significant price movements (source: TradingView, February 28, 2025). The trading volume for the BTC/USD pair remained high at 32,000 BTC, while the BTC/ETH pair saw a volume of 15,000 BTC, suggesting that traders were actively engaging in both major trading pairs (source: CoinMarketCap, February 28, 2025). On-chain metrics from Glassnode showed that the Bitcoin supply on exchanges decreased by 2% over the past week, reaching 2.3 million BTC, indicating that investors were moving their holdings to cold storage, potentially reducing selling pressure (source: Glassnode, February 28, 2025).