Bitcoin Plummets, Then Jumps! Can It Survive the Tariff Tango?

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Ah, the sweet, inevitable chaos of global trade wars. As the ever-colorful Donald Trump decides to sprinkle a bit of drama with new tariffs on Canada, Mexico, and China, Bitcoin (BTC) took a short, sharp tumble to a delightful $91,500. Oh, the humanity! Fear gripped the markets—could it be the end? Spoiler: It wasn’t. BTC swiftly recovered from its little panic attack, but a stubborn rejection at the $102,000 mark has left everyone wondering if this bull run is destined to be a mere mirage.

Bitcoin’s NVT Indicator Winks at a Local Bottom – What Does This Really Mean?

On February 7, the ever-wise Burak Kesmeci graced the digital realm with insights about Bitcoin’s Advanced NVT (network value to transaction), a metric that measures BTC’s market valuation against its transaction volume. Sounds fancy, doesn’t it? Think of it as Bitcoin’s horoscope for the financial world. Kesmeci, the self-proclaimed guru of crypto, informed us that the Advanced NVT had given us four significant local bottom signals last year. These signals were like little whispers of impending price recoveries, yet, like all good things, they required patience (and a touch of luck). The dates to mark on your calendar? May 2, 2024 (30.78), August 5, 2024 (35.82), September 6, 2024 (35.81), and October 10, 2024 (38.21).

And now, drum roll, please: As Bitcoin took a little dive last week to $91,000, the Advanced NVT dropped to 38.13—right in line with those other juicy bottom signals. Oh, joy! It seems the stage is set for another rally. But, dear reader, don’t hold your breath just yet. While we may be in for a small bounce, history tells us that Bitcoin, ever the drama queen, prefers to consolidate for a while before it rises again. After its rejection at $102,000, BTC is now dancing in the range of $95,000-$100,000. To ignite a true rally, the bulls will need to overcome the daunting $102,000 barrier, with $105,000 and $106,000 waiting in the wings, ready to be conquered.

BTC Sees $267 Million in Exchange Net Outflows – Who’s Hoarding the Coins?

In a delightful twist of fate, IntoTheBlock, the self-appointed watchful eye of the blockchain, reported that Bitcoin experienced a cool $267 million in net exchange outflows. Three weeks in a row, no less! Investors are clearly taking their BTC off the exchanges and keeping it closer to their hearts—or perhaps their wallets? Such behavior is typically a bullish sign, suggesting that selling pressure might ease. But, don’t pop the champagne just yet. The recent outflow volume, while positive, is modest compared to the glorious levels seen in November 2024. It seems investors are still sitting on the fence, cautiously eyeing the market.

As of now, Bitcoin is trading at $96,720, with a tiny 0.84% dip in the past 24 hours. It’s been a turbulent week, with BTC enduring a 6.48% drop, but on the bright side, it’s still showing a monthly gain of 2.90%. With a market cap of $1.9 trillion, Bitcoin remains the grand poobah of the cryptocurrency world, reigning as the largest cryptocurrency and the eighth-largest asset on the planet. Quite the accomplishment for something born out of a mysterious online legend, wouldn’t you say?


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2025-02-09 06:42