Bitcoin price eyes $22K rebound with BTC market structure 'not yet broken'

CointelegraphPublished on 2023-02-12Last updated on 2023-02-12

Abstract

Crypto sentiment is “hysterical” with Bitcoin under $22,000, but no major trend lines have been lost yet, one analyst argues.

Bitcoin (BTC) edged closer to $22,000 over the weekend as traders and analysts urged caution on overly bearish sentiment. 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

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Analyst dismisses "hysterical" crypto sentiment


Data from Cointelegraph Markets Pro and TradingView showed BTC/USD seeing small spurts higher into Feb. 12.


After hitting three-week lows the week prior, Bitcoin was a target for opportunistic whales, on-chain analytics resource Material Indicators explained.


Uploading a chart from the BTC/USD order book on Binance, Material Indicators captured resistance shifting higher, with the potential uptick in spot price offering a more advantageous selling level for large-volume players.


“FireCharts shows Crypto Weekend whales seem interested in trying to exploit the upside illiquidity in the Bitcoin order book to sell higher. Personally, I'm fine with that,” part of accompanying comments read.

BTC/USD order book data (Binance). Source: Material Indicators/ Twitter

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The week’s lows meanwhile saw moderate reactions from market participants, some of whom pushed back against calls for a mass capitulation event on short timeframes.


“CT hysterical about bear market when BTC hasn't retested a major fib or moving average which were busted after 3 waves up,” Filbfilb, co-founder of trading suite Decentrader, argued on the day.


Popular trader Crypto Tony was similarly cool on current price action.


“I am short as per my updates while we reside below the main resistance zone below $22,400 - $22,600. Overall i could see another tap of the highs if we can hold above $20,300 overall,” he reasoned.


“Market structure is not yet broken to the downside just yet.”

BTC/USD annotated chart. Source: Crypto Tony/ Twitter

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CPI leads important macro data week


Ahead of the weekly close, others were already focusing on next week’s macroeconomic data as the next potential volatility catalyst.

The Consumer Price Index (CPI) print for January formed the headline event out of several in the United States, this due on Feb. 14.


“Big week ahead of us,” Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, summarized, also noting retail sales, Empire State Manufacturing Index and Producer Price Index (PPI) due during the week.


“My thoughts are that we're likely to see inflation continue to fall and fall steeply. Gas prices have been dropping like a stone also, and this drop -> markets up,” he added.


Material Indicators agreed, saying that it was "Expecting volatility to continue through Tuesday's CPI Report."

Consumer Price Index (CPI) chart. Source: Bureau of Labor Statistics

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