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Highlights
- Bitcoin price consolidated within the $97,000 - $98,000 narrow range on Feb. 15.
- BTC investors deposited 12,000 BTC into exchange wallets over the last 10 days.
- Declining market volumes coinciding with $1.2 billion increase in BTC exchange reserves suggest active selling momentum.
Bitcoin price consolidated within the $97,000 – $98,000 narrow range on Feb 15 entering a week of sideways movement and intense volatility. On-chain data shows an unusual increase in BTC deposits on exchanges, a move that could potentially trigger a breakout from the prolonged consolidation phase observed this week.
Bitcoin (BTC) Price Stagnates Amid Mixed Market Signals
Bitcoin (BTC) price has displayed an unusually flat performance this week as bullish and bearish market signals counteracted each other. On the bearish side, hotter-than-expected inflation figures in the U.S. CPI report published on Feb. 13 exerted downward pressure. This data caused investors to reallocate capital away from risk assets, anticipating a hawkish Fed stance on interest rates in the coming weeks.
Conversely, the U.S. SEC acknowledged Grayscale ETF filings for XRP and Dogecoin (DOGE) spot ETFs. This triggered positive speculation that altcoin ETF approvals could drive capital inflows into the crypto sector, signaling a potential shift in regulatory sentiment. The acknowledgment helped sustain BTC prices, preventing bears from exerting dominance for an extended period this week.
According to the chart, BTC price only increased by a mild 0.18% this week, opening at $96,444 on Sunday, Feb. 9, and currently trading at $97,500 at press time on Saturday, Feb. 15. The data suggests BTC’s price action remained in a neutral phase, as bullish catalysts from SEC ETF acknowledgment counterbalanced the negative sentiment stemming from overheated U.S. CPI data.
Investors Have Deposited 12,000 BTC Into Trading Platforms in the Last 10 Days
While spot market sentiment remains neutral, BTC’s on-chain transaction patterns suggest a potential breakout move ahead.
CryptoQuant’s Exchange Reserve chart shows the total BTC deposits across crypto exchanges and trading platforms. Typically, an increase in exchange reserves signals potential sell-off risks, while declines indicate accumulation trends, as traders shift assets into cold storage for long-term holding.
The referenced chart reveals Bitcoin Exchange Reserves jumped from 2.35 million BTC on Feb. 6 to 2.47 million BTC as of Feb. 15. This represents an increase of 12,000 BTC deposited into exchanges—valued at over $1.2 billion at current prices—diluting market supply within the past 10 days.
The rise in exchange reserves amid BTC’s price consolidation suggests heightened selling pressure.
While altcoins like XRP, SOL, and DOGE experienced notable gains, more traders could be positioning to exit BTC in the coming days. This development presents a bearish outlook, as increasing market supply, coupled with stagnating prices, historically precedes downside movements.
Bitcoin Price Forecast: $90,000 Breakdown Risk Signals Emerge
Bitcoin price forecast charts shows BTC trading at $97,501, hovering just above the VWAP level of $97,565, with key support at the 100-day SMA near $97,093.
The BTC price action remains confined within a rising wedge pattern, historically a bearish formation that suggests momentum exhaustion. Volume has been decreasing, indicating waning buying pressure, while the ADR at 1.40 signals compressed volatility, often a precursor to an imminent breakout.
If Bitcoin maintains its position above the 100-day SMA and VWAP, bulls could attempt to reclaim the $98,784 resistance marked by the 50-day SMA, which would invalidate the immediate bearish bias. A successful move beyond this level could reignite upward momentum, opening the door for a retest of the psychological $100,000 mark. However, failure to sustain above current levels would expose Bitcoin to a significant breakdown.
The downside scenario gains credibility if Bitcoin falls below the rising wedge’s lower trendline. A confirmed breakdown could trigger a cascading sell-off, aligning with the chart’s projected target around $50,000. This bearish target coincides with the 200-day SMA, adding technical confluence. Should selling pressure intensify, Bitcoin risks breaching $90,000, accelerating toward lower support levels.
Frequently Asked Questions (FAQs)
1. 1. Is Bitcoin expected to break above $100,000 soon?
2. What does the increase in exchange reserves mean for BTC’s price?
3. What key support levels should BTC holders watch?
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