Bitcoin price eyes $22K rebound with BTC market structure ‘not yet broken’
Bitcoin (BTC) edged closer to $22,000 over the weekend as traders and analysts urged caution amid overly bearish sentiment.
Analyst dismisses ‘hysterical’ crypto sentiment
Data from Cryptooshala Markets Pro and trade view showed that BTC/USD shows small spikes up until February 12.
After hitting a three-week low a week earlier, Bitcoin became the target of opportunistic whales, as explained by online analytics resource Material Indicators.
Loading a chart from the BTC/USD order book on Binance, material indicators have recorded an upward shift in resistance, with a potential uptick in the spot price offering a more profitable level of selling for the big players.
“FireCharts shows that the Crypto Weekend whales seem to be interested in trying to exploit the illiquidity in the Bitcoin order book to sell higher. Personally, it suits me, ”the accompanying comments say.
Meanwhile, the lows of the week drew a moderate reaction from market participants, some of whom opposed calls for mass capitulation at short time intervals.
“CT is throwing a bear market tantrum when BTC didn’t retest the major fibrillation or moving average that was wrecked after three up waves.” – Filbfilb, co-founder of Decentrader trading package argued in a day.
Popular Crypto trader Tony has also been cool about the current price.
“According to my updates, I am short as long as we are below the main resistance zone below $22,400-$22,600. Overall, I could see another high if we can sustain above $20,300,” he said. reasoned.
“The structure of the market is not yet broken down.”
Consumer price index leads the week of important macroeconomic data
Looking ahead to the week’s close, others have already focused on next week’s macro data as the next potential catalyst for volatility.
Bitcoin is already in “the next bull market cycle” – Pantera Capital
Consumer price index (CPI) for January was the top event of several in the United States, scheduled to take place on February 14th.
“We have a big week ahead of us,” Cryptooshala contributor Mikael van de Poppe, founder and CEO of trading firm Eight, summarizealso noting retail sales, the Empire State Manufacturing Index and Producer Price Index (PPI) due to be released within the week.
“I think we are likely to see inflation continue to fall and fall steeply. Gas prices also fell like a stone, and this is a fall -> markets are up, ”he added.
Significant indicators agreed, saying “we expect continued volatility in Tuesday’s CPI report.”
The views, thoughts and opinions expressed here are those of the authors only and do not necessarily reflect or represent the views and opinions of Cryptooshala.
Credit : cointelegraph.com