Bitcoin (BTC) circled $23,500 on Feb. 4 as bulls refused to give up support in out-of-hours trading.
Bitcoin price conjures 2020 memories
Macroeconomic data releases from the United States provided modest volatility but no overall trend change as traders bided their time heading into the weekend.
Opinions on the longer-term outlook were mixed, however, with some maintaining that there was little reason to trust that Bitcoin’s rally would continue.
“Seeing $50,000 calls already on Bitcoin and we have yet to complete a higher high and higher low market structure change,” popular trader Crypto Tony summarized in part of a tweet on the day.
More optimistic was fellow trader Credible Crypto, who doubled down on a theory that compared current BTC price action to that of late 2020, just after Bitcoin had passed its old 2017 all-time high.
“Price action has developed beautifully off our lows,…