Bitcoin (BTC) has already filled the CME futures gap, reaching $42,870 before Wall Street opened on February 14.
Trader: Volatility gone, but not for long
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD is gaining momentum on Monday, with US trading opening near $42,500.
Sunday’s weekly close disappointed analysts, as bitcoin failed to gain higher levels on the weekly chart.
While volatility was absent that day, expectations regarding a change in trend in the coming days were already flowing.
#bitcoin A boring county fair pony ride is on the way at 50mA.
You know where the pony runs in a circle attached to the big wheel in the middle?
Yes, same. he is #bitcoin, at 50 mA.
Whatever it is, shut up. pic.twitter.com/ESb22iXlBo
— The Wolf of All Streets (@scottmelker) February 14, 2022
“Well, the volatility on bitcoin has eased. Looking forward to a heavy week ahead with volatility coming soon as the EU stock markets are also providing it,” Cointelegraph contributor Michael van de Pope said in a recent part twitter post,
Less action between stocks and tensions over the Russia-Ukraine situation also eased, thanks to the prospect of a new round of diplomacy, with the crypto markets offering few opportunities for easier trading.
Order Book Volume (OBV) also highlighted the same narrow range in which BTC/USD was likely to act in the short term due to trader positions.
“Daily OBV is showing strong buyer reaction at lower levels and strong rejection at higher levels,” said popular Twitter account Nebraskan Gunner. said,
“That means we have a stronger force on either end and that could mean we bite here for a while.”
$100,000 transferred in 2023
Meanwhile, as usual, stock-to-flow model maker PlanB looks to hit the magical $100,000 bitcoin next year.
RELATED: BTC Fundamentals ‘Only Up’ – 5 Things to Watch for in Bitcoin This Week
Previously calling for that price to be up by Christmas 2021, PlanB, which faced significant criticism following BTC’s comparatively weak Q4 performance, acknowledged that the current halving was not delivered in the first two years of the cycle. .
Correct, the target for S2F 2021 was $100K and for 2022 it is also $100K, which never changed. However, the BTC price data is below the model line. So the question is, do we need to re-fit the model to less data, or do we have to wait for this cycle to complete (prices may exceed the second half)?
— planB (@100trillionusd) February 14, 2022
Meanwhile, the eerie calmness spread to major altcoins, many of which were barely gone in 24 hours as of the time of writing.
Ether (ETH) was one of them, completely stable at $2,940, while XRP, the biggest mover among the top ten cryptocurrencies by market capitalization, was still down just 3% as of Sunday.