Bitcoin Fulfills CME Futures Gap
On February 14, Bitcoin (BTC) made its move, filling the CME futures gap before the market opened, and settling at a cozy $42,870. This leap brought a sigh of relief amid a relatively calm trading landscape.
Volatility: What Volatility?
Despite the initial surge, data from Cointelegraph Markets Pro and TradingView indicated that volatility was as absent as a decent Netflix show on a Tuesday night. As traders settled in, BTC/USD hovered around $42,500, with the weak previous week’s close leaving many analysts biting their nails in disappointment. It seemed Bitcoin had opted for a slow, meandering stroll instead of a wild rollercoaster ride.
Pony Rides and Price Rides
One trader humorously likened Bitcoin’s behavior to that of a tired carnival pony, walking in a monotonous circle attached to a big wheel. While amusing, this metaphor captured the sentiment: traders were left waiting for a real price movement, preferably one that didn’t just involve chasing their own tails.
The World Outside: Stocks and Diplomacy
With a lack of action in the stock markets and tensions easing between Russia and Ukraine due to diplomatic efforts, crypto enthusiasts felt the itch for more—more movement, that is. Cointelegraph contributor Michaël van de Poppe noted that while things seemed sluggish, a fresh wave of volatility was likely on the horizon, heralded by the behavior of EU stock markets.
Order Books: Choppy Waters Ahead
Order book volumes hinted at a narrow range in which BTC/USD could trade in the short term. Popular Twitter analyst Nebraskan Gooner pointed out a strong buyer response at lows and a fierce rejection at highs, suggesting a tug-of-war scenario for Bitcoin, where it might wobble without making significant progress.
The $100,000 Question
Meanwhile, someone kept mentioning the magical $100,000 price point for Bitcoin, and that someone was PlanB, the glitzy stock-to-flow model creator. Looking beyond the current landscape, he expressed hopes that Bitcoin would eventually hit that target—but maybe 2023 would be more promising than 2022. While he had initially set lofty goals for Christmas 2021, the shortfalls rather overshadowed these aspirations, leading many to ponder whether it was time to recalibrate expectations or just ride out this wild halving cycle.
Stagnation in Altcoin Land
The calm didn’t extend only to Bitcoin; the major altcoins, too, were stuck in neutral. Ether (ETH), for instance, sat unmoved at $2,940, while Ripple (XRP) faced a mere 3% decrease since February 13. It seemed that all the crypto critters were on a slow walk, waiting for someone to toss them a carrot (or a volatile price surge).
