The mighty Bitcoin (BTC) failed to live up to its promises as the market opened on February 19. Traders, eager for a rally, quickly had their hopes dashed as sellers swooped in, quashing any early gains. Oh, how the mighty fall!
BTC Price Action: A Rollercoaster Ride of Hope and Despair
Data from CryptoMoon Markets Pro and TradingView painted a grim picture for BTC/USD, which rejected its daily highs of $96,677 on Bitstamp like a party guest who knows when it’s time to leave. Could we have expected anything less from Bitcoin?
Despite the initial euphoria, Bitcoin stubbornly clung to its low-timeframe range. In fact, it seemed to prefer a steady cycle of small gains in Europe and Asia, only to fall flat when the US session kicked in. Groundhog Day, but in the world of crypto!
“$BTC US Market Open sell-offs are pretty rough recently,” said the popular trader Daan Crypto Trades, echoing the frustrations of many as Wall Street’s selling spree took its toll. 🥲
Meanwhile, fellow trader Roman described the situation as “absolute carnage.” Because why not? If the market is going to be this volatile, we may as well enjoy the chaos, right?
“Constant fakeouts on both sides, low volume, and hard to determine momentum,” Roman added. A lovely description of the madness, one might say.
But there’s always a ray of hope, even in the bleakest of times. Cold Blooded Shiller noted that each sell-off showed signs of weakening momentum. Could this be the moment we’ve all been waiting for—a major short squeeze event pushing Bitcoin to the $101,000 mark? A glimmer of optimism! 🌟
As CryptoMoon reported, $100,000 is on everyone’s radar, but will it be the moment of triumph or the next crushing blow? Stay tuned…
Rekt Capital, a trader whose name screams “I know what I’m doing,” pointed out a potential bullish divergence on the daily Relative Strength Index (RSI). A subtle hint of a rebound? Only time will tell. Rekt warned of lower lows in price but higher lows on the RSI—perhaps a signal of something more optimistic under the surface. 🤔
Of course, the $97,700 level is the key support for the bulls. Here’s to hoping the bulls can finally pull through!
Gold Keeps Winning While Bitcoin Struggles
As Bitcoin plays its eternal game of “up and down,” gold has been out there living its best life, soaring to new heights. The precious metal hit an all-time high, closing in on the $3,000 threshold, proving that it’s not all bad news in the world of trading. 💰
According to trading resource The Kobeissi Letter, gold has had five consecutive weekly gains, its longest streak since 2020. With an 11% rise over this time, gold is looking like the calm, collected star of the show. Move over, Bitcoin. It’s gold’s turn to shine!
“This comes after a +27% gain seen in 2024, the third-best year since 1980,” The Kobeissi Letter declared. I think we can all agree, gold is on a roll!
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2025-02-19 20:21