The weekend saw Bitcoin move from $21,894 to $22,000 as traders and analysts cautioned against unduly pessimistic mood.
Analyst Dismisses "Hysterical" Attitude Surrounding Cryptocurrencies
Data revealed that BTC/USD had brief spikes higher up to February 12.
According to on-chain analytics portal Material Indicators, Bitcoin was a target for opportunistic whales after hitting three-week lows the previous week.
By uploading a chart from the Binance BTC/USD order book, Material Indicators was able to observe resistance moving upward and the possible increase in spot price providing a more favorable selling level for high volume participants.
One of the comments stated:
“FireCharts shows Crypto Weekend whales seem interested in trying to exploit the upside illiquidity in the Bitcoin order book to sell higher. Personally, I'm fine with that,”
The market's reaction to the week's lows was mild, and some players resisted calls for a mass capitulation event on short timescales.
The co-founder of trading platform Decentrader, Filbfilb, claimed that:
“CT hysterical about bear market when BTC hasn't retested a major fib or moving average which were busted after 3 waves up,”
Popular trader Crypto Tony expressed similar disinterest in the recent price movement. He added:
“I am short as per my updates while we reside below the main resistance zone below $22,400 - $22,600. Overall I could see another tap of the highs if we can hold above $20,300 overall”
$BTC / $USD - Update
— Crypto Tony (@CryptoTony__) February 12, 2023
I am short as per my updates while we reside below the main resistance zone below $22,400 - $22,600. Overall i could see another tap of the highs if we can hold above $20,300 overall
Market structure is not yet broken to the downside just yet pic.twitter.com/4AcKvKXYXS
“Market structure is not yet broken to the downside just yet.”
Important Macro Data Week is Led by CPI
Others were already concentrating on next week's macroeconomic data as the probable trigger for volatility before the weekly closure.
The Consumer Price Index (CPI) print for January, which was scheduled on February 14, was the main event among many in the US.
The founder and CEO of trading business Eight, Michal van de Poppe, summed up "Big week ahead of us," noting that retail sales, the Empire State Manufacturing Index, and the Producer Price Index (PPI) are all due this week.
Big week ahead of us.
— MichaĂ«l van de Poppe (@CryptoMichNL) February 12, 2023
- CPI on Tuesday.
- Retail Sales & Empire State on Wednesday.
- PPI on Friday.
My thoughts are that we're likely to see inflation continue to fall and fall steeply.
Gas prices have been dropping like a stone also, and this drop -> markets up.
