Bitcoin’s Wild Ride: $98K Joyride!

by

Why, Bitcoin (BTC) is dancin’ around $98,000, jest as the Wall Street folks are kickin’ off their February 6th shindig, with traders hootin’ and hollerin’ about more bull signals than a rodeo!

Traders Say “Nope” to Bearish BTC Blues

Data from CryptoMoon Markets Pro and TradingView is showin’ BTC/USD actin’ all coy, stickin’ to a tight channel like it’s walkin’ a Razor’s Edge. 🤖

Even though it’s still playin’ hard to get with the $100,000 mark, Bitcoin’s cooled off its wild ways, and folks are just sittin’ back, watchin’ the show. 🍿

“Higher low lockin’ in,” says popular trader Jelle, probably while twiddlin’ his mustache on one of his X posts.

“Objective remains the same, reclaimin’ $100k. And guess what? That’s also the middle of the range. Flip that, and we’re ridin’ to $110,000 next!”

Daan Crypto Trades, another hombre in the trading corral, sees spot-market demand as a shiny silver lining for BTC’s price trail.

“$BTC is tradin’ at a spot premium that’s as solid as a cowboy’s handshake, showin’ there’s plenty of demand at these levels, which means Bitcoin’s been holdin’ strong through all the recent hoedown!” he told his X followers.

A chart showed derivatives traders are playin’ it safer than a church mouse, while spot buyers are as bold as brass.

“With Spot ETFs and big shots like Strategy (MicroStrategy) snatchin’ up coins faster than a rattlesnake strike, there’s a whole lot of hand-changin’ goin’ on,” Daan added. 🐍

“I reckon this should dry up supply ’round these parts and send us to higher ground.”

And hold onto your hats, folks, ’cause Bitcoin’s RSI is cookin’ up a storm on the daily charts!

Rekt Capital, a trader and analyst with eyes as sharp as a hawk, pointed out the daily RSI is makin’ a narrow channel – and a breakout’s on the horizon. 🌅

“Aside from Bitcoin’s price actin’ all suave, retestin’ the blue trendline for support… The Daily RSI is makin’ a channel that’s as distinct as a sheriff’s badge,” Rekt Capital explained, with a 1-day BTC/USD chart as his deputy.

“The RSI is holdin’ steady at the Channel Bottom, gettin’ ready for a rally to the Channel Top. Just give it a little time.”

CryptoMoon earlier reported on a rare 4-hour RSI chart event that’s like a sign from the heavens, revealin’ Bitcoin’s latest local bottom.

Bitcoin and Crypto: The Upside Catalyst Conundrum

Now, QCP Capital’s puttin’ on its worrier’s hat, sayin’ Bitcoin ain’t immune to moreexternal turmoil.

They warned on February 5th that geopolitical shenanigans could send BTC/USD on another downhill slide, just after a US trade war scare had the whole market yelpin’.

“BTC’s stickin’ above $90k is impressive, but we’re keepin’ our eyes peeled for geopolitical shocks from U.S.-China spats, especially with the global market actin

Read More

2025-02-06 17:16