Bitcoin (BTC) seems to have broken out of the uptrend that started three weeks ago after the crash to $33,000 for now. There was no such thing as a so-called “Super Bowl Pump” yesterday that some fans were hoping for. The price was unable to close even above the crucial USD 43,000 mark for the week. That doesn’t mean this rally is over, but it does indicate that the market is still very uncertain.
Bitcoin price in narrowing range
From bitcoin price plummeted on Thursday and Friday and has not yet been able to recover. That decline followed the release of inflation data in the US and was accompanied by a volatile and red stock market as well as a rising dollar (DXY) rate.
Bitcoin briefly fell below $42,000 on Saturday. After that, the price was able to recover slightly, but yesterday the resistance around USD 42,650 proved to be too much. Bitcoin then fell back to $42,300, but then made a small bounce† This time, bitcoin was rejected at $42,750 and then started to fall again.
Once again, bitcoin was able to make a small bounce, then at USD 42,000, but the price was unable to rise beyond USD 42,500. Last night, bitcoin fell all the way to $41,700, its lowest price in more than a week. For example, the price has made a series of . in recent days lower lows in lower highs† This morning the price recovered slightly, but was rejected again at $42,500 and now stands at $42,200 on Binance and €37,270 on Battle.
#BTC is struggling to reclaim as support the Bull Market EMAs that constitute the mid-point of the macro re-accumulation range
As long as these EMAs remain as resistance, Bitcoin will occupy the lower half of this macro range$ BTC #Crypto #Bitcoin pic.twitter.com/m79CLY7P0K
— Rekt Capital (@rektcapital) February 13, 2022
Bitcoin on-chain data nog bullish
Despite the recent rise having paused, there really isn’t much going on just yet. The price is currently consolidating between resistance and support as well as between the 50 days moving average and 50 days exponential moving average† Meanwhile, we see that investors and miners still accumulating BTC, a very bullish sign.
The amount of #Bitcoin flowing to exchanges from miners is at historically low levels.
There is low selling pressure from miners, and it’s been macro decreasing for a year.
Strong hands stacking. Miner sell pressure decreasing. Only missing ingredient is a catalyst for demand pic.twitter.com/P0ixFKFIhJ
— On-Chain College (@OnChainCollege) February 13, 2022
However, there is still a lack of new demand and with the uncertainty surrounding the situation between Ukraine and Russia, it may last longer. If things do get out of hand in Ukraine, it will probably cause a lot of volatility in the financial markets, including crypto.
#Bitcoin 4 hour time frame + RSI + MACD
— Matthew Hyland (@MatthewHyland_) February 14, 2022
BTC Hash Rate Error
Yesterday you could read on Crypto Insiders about a new one all-time high (ATH) of the hash rate of Bitcoin, or the computing power. While the hash rate is indeed higher than ever, the spike may not have been as extreme as reported yesterday. This is because these are short-term estimates and there are sometimes severe fluctuations that can give an inaccurate picture. Yesterday’s rise was unlikely to be that extreme, as mining analyst Joe Burnett points out below:
This would be the equivalent of 631,000+ S19s getting plugged in.
Which would consume 2,281 MWs of power.
Clearly didn’t happen in 24 hours lol.
— Joe Burnett (🔑)³ (@IIICapital) February 13, 2022
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