Bitcoin (BTC) filled the CME futures gap in advance prior to the Wall Street open on Feb. 14, reaching $42,870.
Trader: Volatility gone, but not for long
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining swiftly Monday, with the start of U.S. trading keeping the pair around $42,500.
Sunday’s weekly close had disappointed analysts, with Bitcoin failing to achieve a higher high on the weekly chart.
While volatility remained absent on the day, expectations were already flowing in regarding a trend change in the coming days.
#Bitcoin is on a boring county fair pony ride on the 50 MA.
You know, the ones where the pony just walks in a circle connected to the big wheel in the middle?
Yeah, that one. That’s #Bitcoin. On the 50 MA.
Whatever, shut up. pic.twitter.com/ESb22iXlBo
— The Wolf Of All Streets (@scottmelker) February 14, 2022
“Well, the volatility has drained down on Bitcoin. Awaiting a heavy week to come, in which the volatility probably comes soon as EU stock markets are also providing it,” Cointelegraph contributor Michaël van de Poppe said in part of a recent Twitter post.
With little action among stocks and tensions over the Russia-Ukraine situation also reduced thanks to the prospect of a fresh round of diplomacy, crypto markets offered few opportunities for an easy trade.
Order book volumes (OBV) likewise highlighted the narrow range in which BTC/USD was likely to act in the short term thanks to trader positions.
“Daily OBV showing a strong buyer response at the lows and a strong rejection at the highs,” popular Twitter account Nebraskan Gooner said.
“This means we have a strong force on either end and could mean we chop around here for a bit.”
$100,000 moved to 2023
Confident as ever, meanwhile, stock-to-flow model creator PlanB looked to next year for the magical $100,000 Bitcoin to hit.
Related: ‘Up only’ for BTC fundamentals — 5 things to watch in Bitcoin this week
Previously calling for that price to occur by Christmas 2021, PlanB, who has faced significant criticism after BTC’s comparatively lackluster Q4 performance, admitted that the first two years of the current halving cycle had not delivered.
Correct, S2F 2021 target was $100K and for 2022 it is also $100K, that never changed. However, BTC price data is below model line. So the question is, do we need to refit the model to the lower data, or do we have to wait until this cycle is done (prices can be higher 2nd half)?
— PlanB (@100trillionUSD) February 14, 2022
The eerie calm meanwhile extended to major altcoins, many of which had barely moved in the 24 hours to the time of writing.
Ether (ETH) was one of them, completely static at $2,940, while the biggest mover in the top ten cryptocurrencies by market cap, XRP, was still only down 3% compared to Sunday.
Comments (No)