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
밈코인 3대장 전망: DOGE·SHIB·PEPE, 매도세 심화 속 낙폭 확대 우려도지코인(DOGE), 시바이누(SHIB), 페페(PEPE)가 이번 주 들어 약 8% 안팎 추가 하락을 기록하며 밈코인 전반의 매도 모멘텀 강화가 확인되는 가운데, DOGE 0.129달러·SHIB 0.0000076달러·PEPE 0.0000041달러 등 핵심 지지선과 RSI·MACD 약세 신호를 중심으로 추가 조정·기술적 반등 시나리오를 짚은 기사입니다.
저자  Mitrade팀
14 시간 전
도지코인(DOGE), 시바이누(SHIB), 페페(PEPE)가 이번 주 들어 약 8% 안팎 추가 하락을 기록하며 밈코인 전반의 매도 모멘텀 강화가 확인되는 가운데, DOGE 0.129달러·SHIB 0.0000076달러·PEPE 0.0000041달러 등 핵심 지지선과 RSI·MACD 약세 신호를 중심으로 추가 조정·기술적 반등 시나리오를 짚은 기사입니다.
placeholder
은 가격 전망: 연준 동결론 확산에 $49.50선 위협… 주간 저점 공방전연준의 12월 기준금리 동결 기대가 강화되며 CME 페드워치 기준 추가 인하 확률이 35.5%에 그친 가운데, 은(XAG/USD)이 온스당 49.50달러선에서 20일선 지지를 테스트하며 44.47달러 지지와 54.50달러 저항 사이에서 다음 방향성을 모색하고 있는 상황을 정리한 기사입니다.
저자  Mitrade팀
16 시간 전
연준의 12월 기준금리 동결 기대가 강화되며 CME 페드워치 기준 추가 인하 확률이 35.5%에 그친 가운데, 은(XAG/USD)이 온스당 49.50달러선에서 20일선 지지를 테스트하며 44.47달러 지지와 54.50달러 저항 사이에서 다음 방향성을 모색하고 있는 상황을 정리한 기사입니다.
placeholder
XRP, 2달러 사수 작전… ‘심리적 마지노선’ 지켜낼까, 추락의 전조일까?XRP가 2.00달러 핵심 지지선을 간신히 방어하는 가운데, 미국 현물 XRP ETF 두 종목에 약 2억9,300만 달러의 자금이 유입되며 기관 매집 흐름이 이어지고 있지만, 선물 OI 부진과 데드 크로스·하락 추세선 등 기술적 약세 구조 속에서 2.45달러와 2.72달러 재돌파 여부가 4분기 리플 가격 방향을 가를 핵심 변수로 떠오르고 있다는 내용을 정리한 기사입니다.
저자  Mitrade팀
16 시간 전
XRP가 2.00달러 핵심 지지선을 간신히 방어하는 가운데, 미국 현물 XRP ETF 두 종목에 약 2억9,300만 달러의 자금이 유입되며 기관 매집 흐름이 이어지고 있지만, 선물 OI 부진과 데드 크로스·하락 추세선 등 기술적 약세 구조 속에서 2.45달러와 2.72달러 재돌파 여부가 4분기 리플 가격 방향을 가를 핵심 변수로 떠오르고 있다는 내용을 정리한 기사입니다.
placeholder
비트코인 $86k 붕괴 직격탄… 스타크넷·텔코인·MYX, 낙폭 키우며 '급락 상위' 랭크비트코인(BTC)이 86,000달러 아래로 밀리며 알트코인 전반이 조정을 받는 가운데, 스타크넷(STRK), 텔코인(TEL), MYX 파이낸스(MYX)가 24시간 기준 18% 이상 급락한 ‘하락 상위 종목’으로 떠오른 상황에서, 각 종목의 핵심 지지·저항(STRK 0.15·0.26달러, TEL 0.004·0.007달러, MYX 1.69·3.49달러)과 RSI 흐름을 중심으로 추가 하락·기술적 반등 시나리오를 짚은 기사입니다.
저자  Mitrade팀
17 시간 전
비트코인(BTC)이 86,000달러 아래로 밀리며 알트코인 전반이 조정을 받는 가운데, 스타크넷(STRK), 텔코인(TEL), MYX 파이낸스(MYX)가 24시간 기준 18% 이상 급락한 ‘하락 상위 종목’으로 떠오른 상황에서, 각 종목의 핵심 지지·저항(STRK 0.15·0.26달러, TEL 0.004·0.007달러, MYX 1.69·3.49달러)과 RSI 흐름을 중심으로 추가 하락·기술적 반등 시나리오를 짚은 기사입니다.
placeholder
금 가격 전망: 연준 인하 기대 후퇴에 눌린 XAU/USD, 위험회피 심리에도 4,100달러선 돌파 주저지연된 9월 NFP와 10월 FOMC 의사록 이후 12월 연준 인하 기대가 약해지며 달러 강세가 이어지는 가운데, 금(XAU/USD)이 온스당 4,020달러 추세선·200EMA 위에서 4,100달러 저항 아래에 갇힌 채 주요 지지·저항(4,000·3,931·3,886달러와 4,152~4,155·4,200달러)을 중심으로 다음 방향성을 모색하는 흐름을 정리한 기사입니다.
저자  Mitrade팀
17 시간 전
지연된 9월 NFP와 10월 FOMC 의사록 이후 12월 연준 인하 기대가 약해지며 달러 강세가 이어지는 가운데, 금(XAU/USD)이 온스당 4,020달러 추세선·200EMA 위에서 4,100달러 저항 아래에 갇힌 채 주요 지지·저항(4,000·3,931·3,886달러와 4,152~4,155·4,200달러)을 중심으로 다음 방향성을 모색하는 흐름을 정리한 기사입니다.
goTop
quote