The week is almost over and again it was a week with a lot of crypto news. In this price overview you can read briefly about the most important bitcoin price developments so that you can start the new week well prepared!
Bitcoin price back below $23,000
The week initially started with a slight increase after the BTC price had slowly started its descent from just above $24,000 in the days before. This zone forms an important resistance zone where the bulls so you can’t just break through.
On Wednesday it became clear that the price unfortunately could not continue the increase of the beginning of this week. Instead, a downward acceleration took place on Thursday as a result of the Securities and Exchange Commission (SEC). The US regulator announced behind strike-services, of which Kraken became the first victim.
This downward acceleration brought bitcoin back to the support at $21,500, where it manages to hold for now. At the time of writing, bitcoin is worth $21,801 on Coinbase. On the Dutch Bitvavo This brings the value to 20,450 euros.
BTC forms ‘golden cross’
There was still some positive news to report this week. The price has a goldencross formed. This happens when the 50 days moving average (MA) crosses the 200-day MA from below. This is usually seen as a positive development as it could be an indication that the price is back in a bullmarket can reach.
Nevertheless, the situation remains highly uncertain. If bitcoin drops through the support it is now trading just above, the price zone around $20,000 can provide support. It is clear that the euphoria of the past few weeks is waning. For example, the trading volume this week is considerably lower than in previous weeks, a trend that has been going on for a month now.
Put these dates in your agenda
What may change this is the publication of new economic data. The next week there are a number of important events planned that can have a major impact on the bitcoin price. The list below lists the most important of these:
- Tuesday, February 14 at 2:30 PM: US Core CPI (Monthly)
- Tuesday, February 14 at 2:30 PM: US Core CPI (Annual)
- Wednesday, February 15 at 2:30 PM: Core US retail sales
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