Key Points
- Bitcoin’s price closed at $96,089 on Sunday, marking the third consecutive bearish weekly close.
- The supply of Bitcoin on centralized exchanges has remained unchanged recently, indicating a decrease in demand from whale investors.
Bitcoin’s price ended the Sunday trading session at around $96,089, marking the third bearish weekly close in a row.
On Monday, February 17, 2025, during the early European session, the flagship cryptocurrency was trading at about $96,137, a 1.3% drop over the past 24 hours.
Altcoin Industry and Market Uncertainty
The altcoin industry’s price action closely followed that of Bitcoin, leading to a 2.4% decrease in the total crypto market cap. It was hovering at around $3.3 trillion at the time of writing.
The global economy remains uncertain due to the mystery surrounding Donald Trump’s tariffs.
Whale Investors and Bitcoin Supply
The supply of Bitcoin on centralized exchanges has not changed in the past few days, following an increase from 2.13 million to 2.2 million in previous weeks.
This indicates a significant decrease in demand from whale investors in recent days.
During the second week of February, the US spot BTC ETF issuers registered a net cash outflow of about $651 million, ending a six-week winning streak.
Meanwhile, Metaplanet Inc announced the acquisition of 269.43 BTCs, bringing their total holdings to 2031 Bitcoins.
Bitcoin Price Predictions
Bitcoin’s price has been in correction mode since the inauguration of US President Donald Trump.
This has led to a sell-the-news event in the past five weeks, increasing the overall bearish sentiment.
From a technical analysis perspective, Bitcoin’s price has been forming a potential reversal pattern, characterized by a double top and a bearish divergence of the weekly Relative Strength Index (RSI).
Bitcoin’s price must rebound strongly from the robust support level of around $95.7K to avoid further capitulation.
If the $95.7K support level fails to hold in the coming weeks, Bitcoin’s price could drop towards the next major liquidity level around $92K.
If the $92K support level fails, BTC price could drop to $85K in the subsequent weeks.
Bitcoin and Gold
Bitcoin’s price is expected to follow the price action of Gold, which has registered seven consecutive bullish weeks.
Last week, Gold price rallied to a new all-time high of about $2,941 per ounce, signaling a major cash inflow to safe havens as a hedge against macroeconomic uncertainties.
With Bitcoin regarded as digital gold, it is well-positioned to rally exponentially in the long haul.
Moreover, more nations are expected to follow the path of El Salvador and the United States to counter their national debts.
Global debts are estimated to be between $325 trillion and $323 trillion, with public debt close to $100 trillion.
As a result, the global debt-to-GDP ratio is around 333%, increasing the need for a hedge against inflation, an area where Bitcoin thrives.
