Bitcoin, that digital gold that’s been doing the rounds lately, is dodging tariffs like a troll dodging taxes. It’s a wild ride, this February, folks.
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BTC is stuck in a price range, like a hamster on a wheel. But beware, it’s a thin, thin wheel, and one sudden jolt and we could be off to the races – or the abyss! 🤪
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CPI week is here again, the one where we all pretend to understand economics. Meanwhile, Jerome Powell is going to be giving testimony like a politician trying to avoid a question. 🙄
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Tariff talk is back, folks, with a whole raft of US trading partners getting caught in the crossfire. But so far, only gold is benefiting, like a squirrel hoarding nuts. 🐿️
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Whales are still in distribution mode, like a hoard of sea monsters getting ready for a seafood buffet. They know something, that’s for sure. 🤔
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But don’t despair, some folks are still predicting a trip to $700,000. That’s like saying a toadstool will grow a mustache. 🍄
“Very thin” order books set stage for BTC price move
BTC price volatility has yet to surprise traders, like a magician who’s only got one trick up his sleeve. A weekend of steady downside gave way to modest gains, like a slug deciding to move to a different patch of lettuce. 🐌
Data from CryptoMoon Markets Pro and TradingView shows BTC/USD lingering around the center of a well-defined trading range, like a cat stuck in the middle of a ball of yarn. 🐈
The buzz around fresh tariffs from the US government failed to spark a repeat of the intense volatility seen this time last week, like a firework that fizzled out before it even took off. 🎆
“Slow moves in the past 4 days which was normal in order to fill most wicks,” summarized CrypNuevo, a trader who seems to have a penchant for the dramatic.
“I think this week we could see some more volatility due to Wednesday’s CPI, so we could see the real move of the week after that event.”
CrypNuevo referred to the upcoming US macroeconomic data prints, which include the Consumer Price Index (CPI) numbers for January.
“Orderbook is very thin at the moment, PA very slow and not seeing any strong signals to determine up or down,” he continued, giving $94,000 as a potential short-term bottom should a liquidity hunt ensue, like a desperate search for a lost sock. 🧦
Crypto trader, analyst and entrepreneur Michaël van de Poppe is more optimistic, seeing potential for a marketwide recovery in the coming days. He’s probably got a crystal ball. 🔮
“Good start of the week with upwards momentum after Monday open,” he commented, referring to current weak performance by altcoins and Ether (ETH) against BTC.
“I think that we’ll see strong momentum with multiple daily greens ending up erasing the entire liquidation of previous week on Altcoins. If $ETH / $BTC goes up, more likely case that the bull has started.”
Others see little need for concern over BTC price strength until the wider range is challenged to
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2025-02-10 13:36