Bitcoin Weekly Forecast: BTC shows weakness, bears aiming for $90,000 mark

출처 Fxstreet
  • CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year.
  • Traders should watch FTX's upcoming repayments to creditors starting on February 18.

Bitcoin (BTC) price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year. Traders should watch FTX's upcoming repayments to creditors starting on February 18, which could bring in volatility for Bitcoin prices.

Bitcoin crashes as Trump implements tariffs on imports from Canada, Mexico, and China

Bitcoin price started this week with a sharp correction, reaching a low of $91,231. This correction was fueled by the implementation of US President Donald Trump's announced tariffs on major trading partners, including China, Canada, and Mexico, on Saturday, which exerted some selling pressure on the overall crypto market. 

However, later in the day, Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau announced they had conversations with US President Trump and agreed to pause tariffs for 30 days to negotiate after compromising on cooperation in security and trade with the US. The market mood shifted positively after the news, allowing BTC to recover and close above $101,300 on Monday.

This price drop triggered a wave of liquidations across the crypto market, resulting in $1.72 billion in total liquidations that day, almost $373 million specifically in BTC, according to data from CoinGlass.

Total Liquidations chart. Source: Coinglass

Total Liquidations chart. Source: Coinglass

Still, Ben Zhou, CEO of Bybit exchange, posted on X on Monday, "Real total liquidation is a lot more than $2 billion; by my estimation, it should be at least around $8-10 billion."

He further explained that Bybit's 24-hour liquidation alone was $2.1 billion, compared to only around $333 million recorded on Coinglass. However, this is not all liquidations at Bybit, as the API limitation brought the numbers down.

Trump ordered the creation of the first-ever US sovereign wealth fund

Bitcoin quickly recovered from Monday's fall as US President Trump ordered the creation of the first-ever US sovereign wealth fund to serve as a tool for economic development. The new sovereign wealth fund order has stirred optimism among crypto community members, who had been speculating about adding Bitcoin to the fund. 

However, the recovery came to an end on Tuesday when China's finance ministry announced a package of tariffs on a range of US products, including Crude Oil, farm equipment, and some autos. This was an immediate response to the 10% tariff on Chinese imports announced by US President Donald Trump, leading to a 3.5% fall in BTC on that day. 

Bitcoin continues to decline despite Eric Trump's support and Scott Bessent's positive comments

Bitcoin price continued to decline on Wednesday, closing below $96,700 despite US Treasury Secretary Scott Bessent's positive macroeconomic outlook. Bessent said late Wednesday the "focus is on bringing down 10-year Treasury yields, rather than the Fed's benchmark short-term interest rate."

Bessent further stated, "US President Donald Trump wants lower interest rates."

Lowering 10-year Treasury yields and interest rates is generally seen as a bullish sign for risky assets like Bitcoin. However, prices decline on that day.

Moreover, on Thursday, positive comments on Bitcoin from Eric Trump, son of the US President, also failed to support its price, leading to a slight decline in BTC, closing at $96,552. In a post on his social media X, Eric Trump encouraged the addition of BTC to their family-backed crypto platform World Liberty Financial’s portfolio.

FTX repayments could bring volatility for BTC 

Bitcoin could expect volatility due to FTX's upcoming repayments to creditors, starting on February 18. The bankrupt exchange is set to begin repayment to creditors with claims under $50,000, particularly those in the Bahamas, with 9% interest per annum from November 11, 2022.

The exchange first filed for bankruptcy in November 2022 with an estimated debt of $11.2 billion. Payouts are expected to total up to $16.5 billion, while the exchange raises additional funds by selling assets and investments in tech firms. This news is significant as it marks a crucial step in recovery for those affected by the FTX collapse in November 2022, generating considerable interest in the cryptocurrency community.

CryptoQuant weekly report highlights that the activity on the Bitcoin network has declined to its lowest level in a year. According to the report, the Bitcoin Network Activity Index indicates that activity has been down 15% since the November 2024 record high. The index is now at 3,760, the lowest level since February 2024. Moreover, the index has fallen significantly below its 365-day moving average, which had not occurred since July 2021, after China banned Bitcoin mining. The index measures the growth in key Bitcoin network metrics like active addresses, number of transactions, block size, etc.

Bitcoin Network Activity chart. Source: CryptoQuant

Bitcoin Network Activity chart. Source: CryptoQuant

The report further explains that from a network activity perspective, Bitcoin's fair value lies between $48,000 and $95,000 (red and blue Metcalfe valuation bands). At a current price of $99,000, Bitcoin appears overvalued, considering that it has traded between the red and blue Metcalfe Valuation Bands since February 2024. Moreover, the valuation bands have been trending downward since March 2024, when network activity started to slow down.

Bitcoin Metcalfe Price Valuation Bands chart. Source: Cryptoquant

Bitcoin Metcalfe Price Valuation Bands chart. Source: Cryptoquant

Is BTC out of the woods?

Bitcoin price faced a pullback, reaching a low of $91,231, but quickly recovered to close above $101,300 on Monday. However, it failed to maintain its recovery and declined nearly 5% in the next three days. At the time of writing on Friday, BTC trades at around $97,000.

If BTC continues its correction, it could extend the decline to test its psychologically important level of $90,000.

The Relative Strength Index (RSI) on the daily chart reads 44 and points downwards after being rejected from below its neutral level of 50 on Monday, indicating increasing bearish momentum. Moreover, the Moving Average Convergence Divergence (MACD) showed a bearish crossover last week, hinting at further correction ahead.

BTC/USDT daily chart 

BTC/USDT daily chart 

Conversely, if BTC recovers and finds support around $100,000, it would extend the recovery to retest its January 31 high of $106,012.

Bitcoin, altcoins, stablecoins FAQs

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.

Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.

면책 조항: 정보 제공 목적으로만 사용됩니다. 과거 성과가 미래 결과를 보장하지 않습니다.
placeholder
비트코인 가격 전망: BTC 87,000달러 돌파, 올해 상승세 이어갈까?TradingKey - 비트코인, 한때 87,000달러 돌파하며 급등…다음 핵심 저항선은 어디인가?9월 22일 비트코인(BTC)은 지난 한 달간의 저항선이었던 82,000달러를 강하게 돌파하며 장중 5% 넘게 급등해 한때 87,000달러에 도달하여 8개월 만에 최고치를 경신했다. 보도 시점 기준 비트코인 가격은 후퇴하여 현재 85,265달러선에서 거래되고
저자  Mitrade팀
8 시간 전
TradingKey - 비트코인, 한때 87,000달러 돌파하며 급등…다음 핵심 저항선은 어디인가?9월 22일 비트코인(BTC)은 지난 한 달간의 저항선이었던 82,000달러를 강하게 돌파하며 장중 5% 넘게 급등해 한때 87,000달러에 도달하여 8개월 만에 최고치를 경신했다. 보도 시점 기준 비트코인 가격은 후퇴하여 현재 85,265달러선에서 거래되고
placeholder
Bitcoin(BTCUSD) 종목이 9월22일에 갑자기 1.27% 하락한 상황에서 무엇을 주목해야 할까요?Bitcoin (BTCUSD) 종목은 9월22일 21:10(ET)에 1.27% 하락하여, 현재 가격은 $85870이고, 최근 7일간 13.13% 상승했습니다.오늘 Bitcoin(BTCUSD) 주가 하락의 요인은 무엇인가요?비트코인의 이번 조정은 며칠간 급등하며 수개월 만의 최고치를 기록한 이후 나타난 전술적 차익 실현과 파생상품 레버리지 청산을 반영합니다.
저자  Mitrade팀
16 시간 전
Bitcoin (BTCUSD) 종목은 9월22일 21:10(ET)에 1.27% 하락하여, 현재 가격은 $85870이고, 최근 7일간 13.13% 상승했습니다.오늘 Bitcoin(BTCUSD) 주가 하락의 요인은 무엇인가요?비트코인의 이번 조정은 며칠간 급등하며 수개월 만의 최고치를 기록한 이후 나타난 전술적 차익 실현과 파생상품 레버리지 청산을 반영합니다.
placeholder
암호화폐 시장이 강력한 랠리를 이어가는 가운데 비트코인 $84,000, 이더리움 $2,700 돌파TradingKey - 9월 21일 비트코인(BTC)은 지난주 후반의 강한 상승세를 이어가며 장중 8만4000달러 선을 돌파해 최근 최고치를 경신했으며, 이더리움(ETH) 역시 동반 강세를 보이며 장중 2,700달러를 회복하고 최고 2,713달러까지 올랐습니다. 두 주요 가상자산의 지속적인 상승세는 디지털 자산 시장 심리의 명확한 회복을 이끌었습니다.비트코
저자  Mitrade팀
어제 09: 10
TradingKey - 9월 21일 비트코인(BTC)은 지난주 후반의 강한 상승세를 이어가며 장중 8만4000달러 선을 돌파해 최근 최고치를 경신했으며, 이더리움(ETH) 역시 동반 강세를 보이며 장중 2,700달러를 회복하고 최고 2,713달러까지 올랐습니다. 두 주요 가상자산의 지속적인 상승세는 디지털 자산 시장 심리의 명확한 회복을 이끌었습니다.비트코
placeholder
미국 원유(USOIL) 종목이 9월21일에 급락했습니다. 이런 변화가 일어난 원인은 무엇인가요?미국 원유 (USOIL) 종목은 9월21일 21:10(ET)에 2.21% 하락하여, 현재 가격은 $93.884이고, 최근 7일간 6.12% 하락했습니다.오늘 미국 원유(USOIL) 주가 하락의 요인은 무엇인가요?원유 가격 하락은 중동 주요 해상 수송로의 통항 여건 개선 조짐과 외교적 중재 가능성 보도에 따라 지정학적 리스크 프리미엄이 빠르게 해소된 데 주로
저자  Mitrade팀
어제 01: 19
미국 원유 (USOIL) 종목은 9월21일 21:10(ET)에 2.21% 하락하여, 현재 가격은 $93.884이고, 최근 7일간 6.12% 하락했습니다.오늘 미국 원유(USOIL) 주가 하락의 요인은 무엇인가요?원유 가격 하락은 중동 주요 해상 수송로의 통항 여건 개선 조짐과 외교적 중재 가능성 보도에 따라 지정학적 리스크 프리미엄이 빠르게 해소된 데 주로
placeholder
연준 금리 인상 악재가 선반영되었나? 금값, 4,400달러 향해 강하게 반등하며 새로운 랠리 채비TradingKey - 9월 18일 유럽 거래 세션 기준, 금 가격(XAUUSD)은 목요일의 반등세를 이어가며 오늘 장중 $4,399.75까지 강하게 상승해 심리적 마디대인 $4,400선에 바짝 다가섰다. 수요일 연방준비제도(Fed·연준)가 25bp 금리 인상을 발표한 직후, 현물 금은 $4,365 선 위에서 저점인 $4,235까지 급락했으나, 이후 2거래
저자  Mitrade팀
9 월 18 일 금요일
TradingKey - 9월 18일 유럽 거래 세션 기준, 금 가격(XAUUSD)은 목요일의 반등세를 이어가며 오늘 장중 $4,399.75까지 강하게 상승해 심리적 마디대인 $4,400선에 바짝 다가섰다. 수요일 연방준비제도(Fed·연준)가 25bp 금리 인상을 발표한 직후, 현물 금은 $4,365 선 위에서 저점인 $4,235까지 급락했으나, 이후 2거래
goTop
quote