Key Notes

Key Notes:

Bitcoin price will eventually follow Gold in a bullish breakout but short-term macroeconomic uncertainties brew more crypto correction.The overall supply of Bitcoin on centralized exchanges has gradually increased in the last few weeks.

Bitcoin price BTC $96 656 24h volatility: 1.2% Market cap: $1.92 T Vol. 24h: $18.59 B closed Sunday trading at around $96,089, thus recording the third consecutive bearish weekly close. The flagship coin dropped around 1.3% in the past 24 hours to trade at about $96,137 on Monday, February 17, 2025, during the early European session.

The altcoin industry closely followed Bitcoin price action, thus leading to a 2.4% decline in the total crypto market cap to hover about $3.3 trillion at the time of this writing. The midterm crypto market uncertainty has escalated as Donald Trump’s tariffs remain a mystery to the wider global economy.

According to on-chain data analysis, the supply of Bitcoin on centralized exchanges has not changed in the past few days after increasing from 2.13 million to 2.2 million in the previous weeks. The previous heightened demand from whale investors has significantly decreased in the past few days.

#Bitcoin $BTC whales have been unusually quiet over the past week, with no significant buy or sell activity! pic.twitter.com/Qv34rExIUI

— Ali (@ali_charts) February 17, 2025

During the second week of February, the US spot BTC ETF issuers registered a net cash outflow of about $651 million, thus ending a six-week consecutive winning streak.

Meanwhile, Metaplanet Inc announced the acquisition of 269.43 BTCs earlier today, thus holding a total of 2031 Bitcoins.

As Coinspeaker previously highlighted, Bitcoin price has been trapped in a correction mode since the inauguration of US President Donald Trump. The flagship coin experienced a notable sell-the-news event in the past five weeks, thus increasing the overall bearish sentiment.

From a technical analysis perspective, Bitcoin price has been forming a potential reversal pattern, characterized by a double top and a bearish divergence of the weekly Relative Strength Index (RSI).

After establishing a robust support level of around $95.7K in the past few days, Bitcoin price must rebound strongly to avoid further capitulation in the near future. In case the $95.7K support level fails to hold in the coming weeks, Bitcoin price will drop towards the next major liquidity level around $92K.

Notably, the support level of around $92K also coincides with the neckline of a potential double-top price pattern. Consequently, if the $92K support level fails, BTC price will drop toward $85K in the subsequent weeks.

Bitcoin price will eventually follow Gold price action, which has registered seven consecutive bullish weeks. Last week, Gold price rallied to a new all-time high of about $2,941 per ounce, thus signaling a major cash inflow to the so-perceived safe havens as a hedge against macroeconomic uncertainties caused by tariff wars.

With Bitcoin regarded as digital gold, the flagship coin is well-positioned to rally exponentially in the long haul. Moreover, more nation-states will eventually follow the past of El Salvador and the United States to counter their respective national debts.

Moreover, global debts are estimated to be between $325 trillion and $323 trillion with the public debt close to $100 trillion. As a result, the global debt-to-GDP ratio is around 333%, thus increasing the need for a hedge against inflation, an area where Bitcoin heavily thrives.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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