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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism
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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

Heartbreak Or Romance: What’s In Store For Bitcoin On Valentine’s Day?

Reynaldo Marquez
Reynaldo Marquez
Last Updated: June 11, 2024 2:32 pm
2 mins read
Bitcoin BTC BTCUSDT

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Bitcoin is trending in the red in synchrony with a calendar date celebrated by millions, San Valentin; the cryptocurrency is showing anything but love to short-term investors. Following an important rally from a low of $16,500, the cryptocurrency began a descent amid an increase in regulatory scrutiny against the industry.

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As of this writing, Bitcoin (BTC) trades at $21,600 with sideways movement in the last 24 hours. In the previous seven days, BTC records a 6% loss. Other cryptocurrencies in the top 10 by market cap record similar or steeper losses. The whole market is painted red for Valentine’s Day.

Bitcoin BTC BTCUSDT
BTC’s price with important losses on the daily chart. Source: BTCUSDT Tradingview

Love It Or Hate It, 2 Bitcoin Price Scenario For Valentine’s Day

Valentine’s Day might come second for Bitcoin investors as global markets brace for the upcoming Consumer Price Index (CPI) print, a proxy to gauge dollar inflation. The U.S. will publish the metric tomorrow.

Over the past year, the U.S. Federal Reserve (Fed) has been hiking interest rates to slow down inflation. Bitcoin, crypto, and traditional markets have been rallying under the expectation that the financial institution will pivot its monetary policy.

However, a spike in tomorrow’s CPI print and a strong U.S. market, as shown by recent data, could provide the Fed with room to continue tightening monetary policy. This decision would translate into more pain for Bitcoin.

According to on-chain analytics, Jarvis Labs hints at the market trending downside, with Bitcoin hitting “typical overbought levels on the 30-day returns.” The firm claims that BTC’s price action “usually” pauses after reaching these levels on the metric.

Bitcoin BTC BTCUSDT Chart 1
Source: Jarvis Labs

Jarvis Labs records confluence with the metric about, hinting at a pause in BTC’s bullish momentum with other metrics. In addition, BTC holders have been taking profit aggressively as the cryptocurrency pierced $20,000.

Jarvis Labs offered two scenarios for tomorrow’s CPI print and its potential for Bitcoin in the coming weeks:

Based on the resistance and support levels, investors have two paths moving forward. If the CPI print is at par or lower than the market expectation of 6.2%, prices may run higher for a bit this week, where potential buyers may look for an entry after confirmation. However, given the spike in sentiment and risk metric, the second path toward $19,750 appears more likely. A revisit to $20,000 would represent bargain purchase levels for traders (…).

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At those levels, the firm believes BTC would operate at “bargain prices.” These levels could represent an opportunity for optimistic investors, Jarvis Labs said.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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