Finance News
By Evie Vavasseur
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Bitcoin's week went pretty badly. The cryptocurrency surged from $60,000 but couldn't break through the $71,800 resistance that's been blocking bulls for days now.
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Buying interest showed up below $66,000, but that wasn't enough to keep momentum going upward.
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The $65,650 support held for a bit, with Bitcoin dipping below briefly before recovering some ground.
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Bulls need to reclaim $71,800 to have any shot at pushing higher. Breaking that resistance could target $74,500 and maybe even $79,000, though that seems unlikely given how weak…
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U.S. markets stayed closed Monday, so not much happened until Tuesday trading kicked in. Bitcoin's path from $68,800 remains unclear, with most analysts expecting a test of…
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Market sentiment feels bearish across the board. Last week's inability to sustain upward momentum shows bears are still in control, and that's not changing anytime soon unless…
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Medium-term outlook stays choppy. Bitcoin will probably bounce between $60,000 and $80,000 for weeks, possibly dropping to that $57,800 Fibonacci level that technical analysts…
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Technical factors are driving everything right now.
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Ethan Greene from Feral Analysis said Bitcoin's price action depends heavily on technical levels. "The $57,800 support level is crucial," Greene told reporters.
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Greene thinks traders are focused entirely on these technical thresholds because there's not much fundamental news to trade on.
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Juan Galt, who co-wrote analysis for Bitcoin Magazine, sees cautious sentiment everywhere. Bitcoin can't hold gains, so traders are sitting on their hands waiting for clearer…
12 / 15
February 16 marked a key date as traders expected volatility after the U.S. holiday. The lack of American market activity Monday led to choppy trading Tuesday as volume picked up…
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Some investors stay optimistic despite the bearish mood. They point to Bitcoin's history of bouncing back from major lows, arguing long-term prospects remain intact.
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February 17 brought intense focus on the $71,800 resistance that Bitcoin keeps failing to clear.
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Glassnode data showed fewer active Bitcoin addresses last week. Mark Davis thinks this reflects lower investor engagement at current prices.
The Currency Analytics
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