Bitcoin (BTC) disappointed traders on Feb. 19 as a brief rally ahead of the Wall Street session quickly lost steam. Despite peaking near $96,677 on Bitstamp earlier in the day, the largest cryptocurrency reverted to its familiar low-timeframe trading range, continuing a pattern of modest gains during European and Asian hours followed by U.S.-led sell-offs.
Repetitive Ranges and “Carnage” for Traders
The recurring U.S. session downturns drew comments from market participants:
- Daan Crypto Trades called out “rough” sell-offs each time Wall Street opens, pointing to repeated intraday reversals.
- Roman, another well-known trader, labeled the recent price action “absolute carnage,” citing constant fakeouts, low volume, and difficult momentum reads.
Despite the choppy environment, some traders remain cautiously optimistic. Cold Blooded Shiller observed weakening momentum on every downswing, arguing that if a major short squeeze materializes, BTC could potentially drive above $101,000—a key zone already on the radar for bullish targets.
Potential Bullish Divergence on the Daily
Beyond intraday moves, analyst Rekt Capital noted a possible bullish divergence forming on the daily chart, with price making lower lows while the Relative Strength Index (RSI) prints higher lows. This divergence can sometimes signal an impending trend reversal. He further highlighted $97,700 as a critical level to reclaim if bulls want to regain confidence in a larger upward push.
The “Pain Trade” and Macro Factors
In its latest market update, trading firm QCP Capital dubbed the current environment across risk assets as the “pain trade,” shaped by ongoing geopolitical tensions and renewed concerns over U.S. trade tariffs. Within crypto, altcoins are feeling the brunt of the pressure, while Bitcoin remains relatively resilient, hovering between $93,000 and $97,000 in recent sessions. Still, a lack of fresh catalysts has kept BTC from decisively breaking higher.
Gold Shines as BTC Stagnates
While Bitcoin struggles for directional momentum, gold continues to steal the spotlight:
- The precious metal notched yet another all-time high, flirting with the $3,000 mark.
- The Kobeissi Letter noted gold’s fifth consecutive weekly gain—an 11% rise in that period—building on a 27% surge in 2024.
For now, Bitcoin (BTC) must grapple with both macroeconomic uncertainty and its own technical headwinds. Traders will be watching closely for a break above $97,700 to confirm any bullish divergence and move toward the $100,000–$101,000 region. Until then, lingering sell pressure and a sideways grind appear set to continue.
