Bitcoin’s Wild Ride: Will It Soar or Sink? Find Out Now! 🚀💸

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Ah, the grand spectacle of Bitcoin! The illustrious BTC, that shimmering coin of dreams, now rests at a mere $96,259. What a time to be alive! 😅

With a 24-hour volatility of a staggering 0.9% and a market cap that could make a king weep—$1.91 trillion, mind you—our dear Bitcoin closed Sunday trading at a dismal $96,089. This marks the third week in a row of bearish gloom. It seems our beloved coin has taken a tumble, dropping about 1.3% in the last 24 hours, trading at a paltry $96,137 on this fine Monday morning, February 17, 2025. What a rollercoaster! 🎢

As the altcoin world gazes in awe at Bitcoin’s antics, the total crypto market cap has also taken a hit, declining by 2.4% to hover around $3.3 trillion. The uncertainty in the crypto market is palpable, especially with Donald Trump’s tariffs lurking like a shadow over the global economy. Who knew tariffs could be so thrilling? 😏

Bitcoin Whales: The Silent Giants

According to the wise sages of on-chain data analysis, the supply of Bitcoin on centralized exchanges has remained stagnant, increasing from 2.13 million to 2.2 million in recent weeks. The once-boisterous whale investors have suddenly turned into quiet little fish, with no significant buy or sell activity to report. 🐋

#Bitcoin $BTC whales have been unusually quiet over the past week, with no significant buy or sell activity!

— Ali (@ali_charts) February 17, 2025

In a shocking twist, the US spot BTC ETF issuers reported a net cash outflow of about $651 million during the second week of February, ending a six-week winning streak. Oh, the drama! 🎭

Meanwhile, Metaplanet Inc has decided to join the party, acquiring 269.43 BTCs, bringing their total to a whopping 2031 Bitcoins. Talk about a Bitcoin buffet! 🍽️

What Lies Ahead for BTC?

As previously noted by the wise folks at Coinspeaker, Bitcoin has been stuck in a correction mode since the grand inauguration of President Trump. The flagship coin has experienced a sell-the-news event that has left the overall sentiment as gloomy as a rainy day. ☔

From a technical standpoint, Bitcoin is forming a potential reversal pattern, complete with a double top and a bearish divergence of the weekly Relative Strength Index (RSI). Sounds fancy, right? 🤓

After establishing a sturdy support level of around $95.7K, Bitcoin must rebound like a champion to avoid further capitulation. If this support fails, we might just see Bitcoin tumble towards the next major liquidity level of $92K. Hold onto your hats! 🎩

Interestingly, the $92K support level also aligns with the neckline of a potential double-top price pattern. If that fails, we could be looking at a drop towards $85K in the coming weeks. What a thrilling cliffhanger! 📉

The Bigger Picture

In the grand scheme of things, Bitcoin is likely to follow the price action of Gold, which has enjoyed seven consecutive bullish weeks. Last week, Gold soared to a new all-time high of about $2,941 per ounce, signaling a major cash inflow into safe havens amidst the chaos of tariff wars. Who knew Gold could be so popular? 💰

With Bitcoin being dubbed as digital gold, it is poised for an exponential rally in the long run. More nations will likely follow in the footsteps of El Salvador and the United States to tackle their national debts. What a time to be a digital currency! 🌍

Global debts are estimated to be between $325 trillion and $323 trillion, with public debt nearing $100 trillion. The global debt-to-GDP ratio is around 333%, creating an urgent need for a hedge against inflation—an area where Bitcoin truly shines. Shine on, you crazy diamond! 💎

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2025-02-17 12:27