Bitcoin price looks back at $22,000 with BTC market structure ‘not broken yet’
Bitcoin (BTC) surged closer to $22,000 over the weekend as traders and analysts urged caution against overly bearish sentiment.
Analyst dismisses ‘hysterical’ crypto sentiment
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD saw small spikes higher on February 12.
After hitting three-week lows the previous week, Bitcoin was a target for opportunistic whales, explained on-chain analytics resource Material Indicators.
Uploading a chart from the BTC/USD order book on Binance, the Material Indicators caught resistance shifting higher, with the potential rise in the spot price providing a more favorable selling level for high volume players.
“FireCharts shows Crypto Weekend whales seem interested in trying to exploit the upside of the illiquidity in the Bitcoin order book to sell higher. Personally, I’m fine with that,” the accompanying comments read.
Meanwhile, the week’s lows produced moderate reactions from market participants, some of whom pushed back against calls for a mass capitulation event on short time frames.
“CT hysterical about bear market when BTC hasn’t tested a major fib or moving average that was broken after 3 waves up,” Filbfilb, co-founder of trading suite Decentrader, argued on the day.
Popular trader Crypto Tony was similarly cool on the current price action.
“I am short according to my updates as we stay below the main resistance zone below $22,400 – $22,600. Overall, I could see another push to the top if we can hold above $20,300 overall,” he justified.
“The market structure has not yet been broken to the downside.”
CPI leads important macro data week
Ahead of the weekly close, others were already focusing on next week’s macroeconomic data as the next potential volatility catalyst.
Related: Bitcoin is already in its ‘next bull market cycle’ – Pantera Capital
The Consumer Price Index (CPI) printout for January formed the main event among several in the US, and this is due on February 14.
“A big week ahead,” Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, in summaryand also notes retail sales, the Empire State Manufacturing Index and the Producer Price Index (PPI) due this week.
“My thoughts are that we are likely to see inflation continue to fall and fall sharply. Gas prices have also dropped like a rock, and this drop -> is going up,” he added.
Material indicators agreed, saying it was “expecting volatility to continue through Tuesday’s CPI report.”
The views, thoughts and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
