Bitcoin Drama: Is It a Slow Death or Just a Dramatic Pause?

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Oh dear, the crypto market is having a bit of a meltdown. But fear not, our dear Bitcoin (BTC) is like that one friend who always manages to stay calm while everyone else is losing their heads. It’s bleeding out, but at a snail’s pace compared to those poor altcoins. So, the big question is: will this slow drip continue, or is a bounce just around the corner? 🤔

Are market makers just having a laugh? 😂

Meanwhile, the global economic scene is about as stable as a house of cards in a windstorm. Trade tariffs are flying around like confetti at a wedding, with countries trying to either play nice or throw tantrums over imposed tariffs. It’s all very dramatic.

And speaking of drama, a Russian delegation has decided to have a little chit-chat in Riyadh with U.S. officials. Because nothing says “peace talks” like a meeting in a desert, right? The fate of Ukraine hangs in the balance, and we’re all just here with popcorn, waiting to see how it unfolds. 🍿

On the flip side, traditional markets in the U.S. are strutting around like they own the place. The S&P 500 is just shy of a new all-time high, and the tech-heavy Nasdaq is at a breakout level. It’s like watching a high school prom where everyone is trying to outshine each other.

If those tariff talks can make some quick progress, we might just see the stock market do a happy dance, which could also give Bitcoin a little boost. But if the U.S. decides to play hardball with tariffs, or if negotiations drag on like a bad soap opera, we could be in for a gloomy economic forecast. And let’s not forget Europe and Ukraine—they’re likely to throw in their two cents, complicating things even further. 🙄

With all these economic shenanigans, Bitcoin’s price is still on a downward spiral. Could market makers be having a field day, taking advantage of the chaos to scoop up coins from panicking sellers? Quite possibly. It’s like a game of Monopoly, but with real money. 💸

$BTC price keeps rolling like a bad movie sequel

In the short term, the $BTC price is rolling over like a tired dog after a long walk. It broke through the top of the descending wedge, and if this downtrend keeps up, we’re looking at a support level of $94,000, with the bottom of the range at $92,000. Just below that is a major ascending trendline that’s been around since the 2021 bull market. Talk about a long-term relationship!

Even if the price dips to these levels, it might just be a case of sideways action in the grand scheme of things. You know, like that friend who always says they’re “just resting their eyes.” 😴

Uptrend still hanging on by a thread

Now, let’s take a peek at the weekly chart for $BTC. It’s been going sideways for what feels like an eternity in this current bull market. But fear not! This is actually a good sign and could lead to a higher peak than if it just kept climbing like a hyperactive toddler. 🧒

Of course, the bears might look at this chart and scream “M top!” like it’s the end of the world. But until the price falls and confirms below the current range, which is supported by that trusty ascending trendline, we’re still on an upward trajectory. Phew!

At the bottom of the chart, the Stochastic RSI is having a bit of a moment, reaching its lowest point. But when it decides to turn back up and cross over the 20.00 level, we could see some renewed upward momentum for $BTC. This could all kick off in the next two or three weeks. Fingers crossed! 🤞

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2025-02-18 14:11