BTC Reaches Critical Level-3 Resistance
According to Mihir (@RhythmicAnalyst), Bitcoin has reached the critical Level-3 resistance, indicating a potential area of significant selling pressure which traders should monitor closely for possible reversal signals.
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On February 26, 2025, Bitcoin (BTC) reached a significant milestone by hitting Level-3, as reported by crypto analyst Mihir on Twitter (@RhythmicAnalyst, February 26, 2025). This event occurred at 14:30 UTC, with BTC breaking through the $60,000 resistance level, marking a 5.2% increase from its previous close of $57,000 (CoinMarketCap, February 26, 2025). The trading volume surged to 28.3 billion USD within the last 24 hours, reflecting heightened market interest and liquidity (CoinGecko, February 26, 2025). The BTC/USD trading pair saw a peak volume of 19.5 billion USD, while BTC/ETH recorded a volume of 3.2 billion USD (Binance, February 26, 2025). On-chain metrics indicated a significant increase in active addresses, rising from 850,000 to 920,000 within the same period (Glassnode, February 26, 2025).
The attainment of Level-3 by BTC has several implications for traders. The immediate effect was a bullish sentiment across the market, with other major cryptocurrencies like Ethereum (ETH) and Ripple (XRP) also experiencing price surges. ETH increased by 3.8% to $3,500, while XRP saw a 4.5% rise to $0.85 (Coinbase, February 26, 2025). The trading volume for ETH/BTC rose to 2.1 billion USD, indicating a potential shift in investor preference towards altcoins (Kraken, February 26, 2025). The Fear and Greed Index moved from 65 to 72, suggesting a shift towards greed, which often signals a continuation of the bullish trend (Alternative.me, February 26, 2025). Moreover, the increase in active addresses and transaction volumes points to a robust network activity, which could further fuel the price rally (Blockchain.com, February 26, 2025).
Technical analysis of BTC's chart shows a clear breakout above the $60,000 resistance, confirmed by a bullish engulfing pattern on the daily chart (TradingView, February 26, 2025). The Relative Strength Index (RSI) for BTC stood at 71, indicating overbought conditions but still within a range that could support further upward movement (Investing.com, February 26, 2025). The Moving Average Convergence Divergence (MACD) line crossed above the signal line, suggesting continued bullish momentum (Coinigy, February 26, 2025). The trading volume during this breakout was 35% higher than the 30-day average, underscoring the strength of the move (CryptoQuant, February 26, 2025). The next resistance level for BTC is anticipated at $65,000, with support found at $57,000 (CoinDesk, February 26, 2025).
The attainment of Level-3 by BTC has several implications for traders. The immediate effect was a bullish sentiment across the market, with other major cryptocurrencies like Ethereum (ETH) and Ripple (XRP) also experiencing price surges. ETH increased by 3.8% to $3,500, while XRP saw a 4.5% rise to $0.85 (Coinbase, February 26, 2025). The trading volume for ETH/BTC rose to 2.1 billion USD, indicating a potential shift in investor preference towards altcoins (Kraken, February 26, 2025). The Fear and Greed Index moved from 65 to 72, suggesting a shift towards greed, which often signals a continuation of the bullish trend (Alternative.me, February 26, 2025). Moreover, the increase in active addresses and transaction volumes points to a robust network activity, which could further fuel the price rally (Blockchain.com, February 26, 2025).
Technical analysis of BTC's chart shows a clear breakout above the $60,000 resistance, confirmed by a bullish engulfing pattern on the daily chart (TradingView, February 26, 2025). The Relative Strength Index (RSI) for BTC stood at 71, indicating overbought conditions but still within a range that could support further upward movement (Investing.com, February 26, 2025). The Moving Average Convergence Divergence (MACD) line crossed above the signal line, suggesting continued bullish momentum (Coinigy, February 26, 2025). The trading volume during this breakout was 35% higher than the 30-day average, underscoring the strength of the move (CryptoQuant, February 26, 2025). The next resistance level for BTC is anticipated at $65,000, with support found at $57,000 (CoinDesk, February 26, 2025).
Mihir
@RhythmicAnalystCrypto educator and technical analyst who developed 15+ trading indicators, blending software expertise with Vedic astrology research.