Bitcoin (BTC) approached $22,000 over the weekend as traders and analysts cautioned against overly bearish sentiment.
Analysts dismiss crypto sentiment as “hysterical”.
Data from Cointelegraph Markets Pro and TradingView show BTC/USD seeing small spurts higher heading into February 12.
After reaching the bottom three weeks The previous week, Bitcoin target for opportunistic whales, on-chain analytics source Material Indicator explained.
Uploading the chart from the BTC/USD order book on Binance, the Material Indicator captured resistance moving higher, with a potential uptick in the spot price offering a more advantageous selling level for large volume players.
“FireCharts shows the Crypto Weekend whales seem interested in trying to exploit the illiquidity going up in the Bitcoin order book to sell higher. Personally, I’m fine,” part of the comment read.
Meanwhile this week there was a moderate reaction from market participants, some of whom rejected calls for a mass capitulation event in the short term.
“CT is hysterical about a bear market when BTC hasn’t tested the main fib or moving average that was broken after 3 waves up,” Filbfilb, co-founder of trading suite DecenTrader, argue in the day.
Popular trader Crypto Tony is also very good at current price action.
“I am short as per the update when we live below the main resistance zone below $22,400 – $22,600. Overall, I can see another tap of the top if it can exceed $20,300 overall,” he said. logic.
“The structure of the market has not broken down to the point of decline.”
The CPI leads to an important week of macro data
Ahead of the weekly close, others have focused on next week’s macroeconomic data as the next potential volatility catalyst.
Related: Bitcoin is already in the ‘next bull market cycle’ – Pantera Capital
The Consumer Price Index (CPI) print for January, due on February 14, forms the main event of some of the United States this month.
“A big week ahead of us,” Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading company Eight, summarizedlists retail sales, the Empire State Manufacturing Index and the Producer Price Index due for the week.
“I think we’re going to see inflation continue to fall and fall rapidly. Gas prices have dropped like a rock, and this is going down -> the market is going up,” he said.
Material Indicators agreed, saying that “Expect volatility to continue through Tuesday’s CPI Report.”
The views, thoughts and opinions expressed here are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.