{"id":554156,"date":"2023-02-20T10:33:15","date_gmt":"2023-02-20T07:33:15","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/a-snap-back-to-20k-5-things-to-know-in-bitcoin-this-week\/"},"modified":"2023-02-20T10:33:15","modified_gmt":"2023-02-20T07:33:15","slug":"a-snap-back-to-20k-5-things-to-know-in-bitcoin-this-week","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/a-snap-back-to-20k-5-things-to-know-in-bitcoin-this-week\/","title":{"rendered":"# A \u2018snap back\u2019 to $20K? 5 things to know in Bitcoin this week"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a24684b49f11\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a24684b49f11\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/a-snap-back-to-20k-5-things-to-know-in-bitcoin-this-week\/#%E2%80%9D_A_%E2%80%98snap_back_to_20K_5_things_to_know_in_Bitcoin_this_week_%E2%80%9C\" >&#8221; A \u2018snap back\u2019 to $20K? 5 things to know in Bitcoin this week &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/a-snap-back-to-20k-5-things-to-know-in-bitcoin-this-week\/#RSI_%E2%80%9Cbearish_divergence%E2%80%9D_causes_alarm\" >RSI \u201cbearish divergence\u201d causes alarm<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/a-snap-back-to-20k-5-things-to-know-in-bitcoin-this-week\/#All_eyes_on_FOMC_minutes_and_US_dollar\" >All eyes on FOMC minutes and U.S. dollar<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/a-snap-back-to-20k-5-things-to-know-in-bitcoin-this-week\/#Analyst_moving_average_%E2%80%9Ccloud%E2%80%9D_is_there_to_be_broken\" >Analyst: moving average \u201ccloud\u201d is there to be broken<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/a-snap-back-to-20k-5-things-to-know-in-bitcoin-this-week\/#Hash_rate_difficulty_in_line_for_fresh_record_highs\" >Hash rate, difficulty in line for fresh record highs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/a-snap-back-to-20k-5-things-to-know-in-bitcoin-this-week\/#Most_%E2%80%9Cgreed%E2%80%9D_since_Bitcoin_all-time_highs\" >Most \u201cgreed\u201d since Bitcoin all-time highs<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_A_%E2%80%98snap_back_to_20K_5_things_to_know_in_Bitcoin_this_week_%E2%80%9C\"><\/span>&#8221; A \u2018snap back\u2019 to $20K? 5 things to know in Bitcoin this week &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-48054ca8>Bitcoin (BTC) starts the last week of February in a volatile mood as a crucial area of resistance fails to break.<\/p>\n<p>After a classic \u201cfakeout\u201d during low-volume weekend trading, BTC\/USD is back below $25,000, with bulls still lacking momentum. <\/p>\n<p>The largest cryptocurrency saw what looked like the next stage of its 2023 recovery last week, making swift gains and even t<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ing new six-month highs. <\/p>\n<p>The good times were not to continue, however, and February\u2019s progress has been much slower and hard won than January\u2019s 40% gains. How will the rest of the month pan out?<\/p>\n<p>A critical monthly close is due, along with a potential external price trigger in the form of minutes from the United States Federal Reserve.<\/p>\n<p>Meanwhile, Bitcoin network fundamentals are due to leap to yet another all-time high, with miners in full recovery mode.<\/p>\n<p>Cointelegraph takes a look at these factors and more in an overview of BTC price perspectives for the final week of February.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"RSI_%E2%80%9Cbearish_divergence%E2%80%9D_causes_alarm\"><\/span>RSI \u201cbearish divergence\u201d causes alarm<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>After a mostly calm start to the weekend after days of macroeconomic data reactions, Bitcoin woke up late Sunday to rise back above $25,000.<\/p>\n<p>However, this was not to last, and as Cointelegraph reported, signs on exchange order books pointed to manipulative moves by large-volume traders.<\/p>\n<p>A subsequent comedown after the weekly close took BTC\/USD below $24,000 before a bounce back to the same levels as Saturday, where the pair still traded at the time of writing, according to data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a>.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/7561b76c-43a7-41a5-a88b-8aa8b89004a8.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<p>For traders, there was natural cause to be wary.<\/p>\n<p>\u201cNot paying much attention to weekend PA.. BTC typically saves its meaningful moves for US stock market hours,\u201d Crypto Chase <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Crypto_Chase\/status\/1627384432582705153\">wrote<\/a> in part of a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> summary.<\/p>\n<p>Monitoring resource Material Indicators initially flagged the order book activity, queried how long the phenomenon might continue with bulls powerless to make inroads higher.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Do you think support will hold at the notorious bid wall to play the range again or will it spoof and dump?<\/p>\n<p>Remember <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/TradFi?src=hash&amp;ref_src=twsrc%5Etfw\">#TradFi<\/a> Markets are closed Monday. If you&#8217;re playing the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> with Notorious B.I.D., manage your risk accordingly. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/ZyZlHTMFWM\">pic.twitter.com\/ZyZlHTMFWM<\/a><\/p>\n<p>\u2014 Material Indicators (@MI_Algos) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MI_Algos\/status\/1627369007820029952?ref_src=twsrc%5Etfw\">February 19, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>An additional <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MI_Algos\/status\/1627460603836088320\/photo\/1\">chart<\/a> of the Binance order book confirmed that major bid support, known as a \u201cbid wall,\u201d had moved lower to $23,460, giving the spot price room to drift lower.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/3fac3f6f-336f-4c15-8058-b998bbcf4736.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD order book data (Binance). Source: Material Indicators\/ Twitter<\/em><\/figcaption><\/figure>\n<p>Fellow trader and analyst Matthew Hyland admitted that it was \u201creally hard to tell\u201d whether Bitcoin could break higher on short timeframes.<\/p>\n<p>Holding the area around $22,800 in the event of a pullback, followed by the key breakout, however, \u201cwouldn\u2019t surprise me,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MatthewHyland_\/status\/1627548147290460161\/photo\/1\">said<\/a> on the day.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/1a6aaa0f-1b7e-4c81-859b-a643a6d38dc9.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated chart. Source: Matthew Hyland\/ Twitter<\/em><\/figcaption><\/figure>\n<p>More concerned about the rally\u2019s strength was Venturefounder, a contributor to on-chain analytics platform CryptoQuant.<\/p>\n<p>In a Twitter thread, he warned that external factors such as \u201cmacro weakness\u201d could have an immediate bearish impact on crypto markets.<\/p>\n<p>\u201cBitcoin bearish RSI divergence continues\u2026 Almost the exact opposite way of the May\u2013July 2021 period. I think any macro weakness can have BTC snap back to $19-20k real quick,\u201d part of the comments <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/venturefounder\/status\/1627501925498331136\/photo\/1\">stated<\/a>.<\/p>\n<p>Venturefounder referenced the Relative Strength Index (RSI) metric, which measures how overbought or oversold an asset is at a given price point. In 2021, RSI was increasing versus a BTC price correction, subsequently ending in current all-time highs of $69,000 in November that year.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"All_eyes_on_FOMC_minutes_and_US_dollar\"><\/span>All eyes on FOMC minutes and U.S. dollar<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>What form that \u201cweakness\u201d on macro markets might take remains to be seen. <\/p>\n<p>The upcoming week holds considerably fewer potential macro triggers than the last, with a sprinkling of U.S. data releases, including personal spending in the form of the Personal Consumption Expenditures Index (PCE).<\/p>\n<p>However, the event on most crypto pundits\u2019 radar is the release of the minutes from February\u2019s Federal Open Market Committee (FOMC) meeting at the Fed.<\/p>\n<p>This was where the latest benchmark interest rate hike was decided, with expectations that Fed Chair Jerome Powell included talk of a moratorium on rate hike policy, if only theoretically.<\/p>\n<p>\u201cWe also have FOMC minutes releasing on Wednesday where Powell will describe what a rate hike \u2018pause\u2019 could look like,\u201d Crypto Chase mentioned about the event. <\/p>\n<blockquote><p>\u201cMiddle of upcoming week is where I start considering swing entries.\u201d<\/p><\/blockquote>\n<p>However, not everyone is convinced that the FOMC minutes will be plain sailing. Among them is financial market research resource Capital Hungry, which this week warned that \u201csneaky hawkish revisions\u201d may be revealed.<\/p>\n<p>\u201cFeds sneak in hawkish revisions out of the spotlight (not an active FOMC) with market already adjusted to CPI revisions and Jan report. PCE data feeds into elevated inflation sentiment,\u201d it <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Capital_Hungry\/status\/1627466582019436544\">argued<\/a> in part of the Twitter commentary. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/92d5434d-35e7-411b-95a6-73ce69f04693.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>U.S. Dollar Index (DXY) 1-hour candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Any return of inflationary tendencies would boost U.S. dollar strength, which spent the last macro trading day of the previous week erasing prior gains.<\/p>\n<p>Matthew Dixon, founder and CEO of crypto rating platform Evai, spelled out the bearish scenario for the U.S. Dollar Index (DXY) in what would be a bullish tailwind for risk assets, including crypto.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Looking the look of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/DXY?src=hash&amp;ref_src=twsrc%5Etfw\">#DXY<\/a> so far. If we are already on the way down to complete the Y wave then this will be positive for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Btc?src=hash&amp;ref_src=twsrc%5Etfw\">#Btc<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Eth?src=hash&amp;ref_src=twsrc%5Etfw\">#Eth<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> and risk assets in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Evai?src=hash&amp;ref_src=twsrc%5Etfw\">#Evai<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/9OEHTG1d1v\">pic.twitter.com\/9OEHTG1d1v<\/a><\/p>\n<p>\u2014 Matthew Dixon &#8211; CEO Evai (@mdtrade) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mdtrade\/status\/1627527066689183744?ref_src=twsrc%5Etfw\">February 20, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Analyst_moving_average_%E2%80%9Ccloud%E2%80%9D_is_there_to_be_broken\"><\/span>Analyst: moving average \u201ccloud\u201d is there to be broken<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As Cointelegraph continues to report, Bitcoin bulls have a problem, which is becoming increasingly evident on short timeframes \u2014 the 200-week moving average (WMA).<\/p>\n<p>A classic \u201cbear market\u201d trend line, the 200WMA has acted as resistance since the middle of 2022, with BTC\/USD spending more time below the level than ever before.<\/p>\n<p>Reclaiming the level would mark a conspicuous achievement, but all attempts have been met with flat rejection so far.<\/p>\n<p>\u201cIf Bitcoin manages to break above the 200-week MA cloud, which is becoming increasingly likely, we\u2019re going to see a lot more TradFi coverage of crypto again,\u201d Caleb Franzen, senior market analyst at Cubic Analytics, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CalebFranzen\/status\/1627363705770967042\">summarized<\/a> at the weekend.<\/p>\n<p>Franzen additionally showed the levels at stake in the short term, with $25,200 the ceiling needing a breakout.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Short-term levels that <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> keeps wrestling with&#8230; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Qmx9UBKyht\">pic.twitter.com\/Qmx9UBKyht<\/a><\/p>\n<p>\u2014 Caleb Franzen (@CalebFranzen) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CalebFranzen\/status\/1627455479352901633?ref_src=twsrc%5Etfw\">February 19, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The \u201ccloud\u201d he referred to involves more than just the 200WMA \u2014 Bitcoin\u2019s 50WMA is currently at $24,462, coinciding with the current spot price focus.<\/p>\n<p>Additionally, asks on exchange order books are stacked around the 200WMA, increasing the challenges in flipping it from resistance to support.<\/p>\n<p>In <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cubicanalytics.substack.com\/p\/disinflation-disinflation-everywhere\">research<\/a> published on Feb. 18, Franzen described the WMA cloud as one of \u201ctwo major signals to add more bullish fuel to the fire\u201d alongside the realized price.<\/p>\n<p>\u201cBTC was rejected on this dynamic range for the first time in August 2022 and was briefly rejected on this level earlier in the week. Will it be able to break above on this second attempt?\u201d he queried.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/9d2b4591-80e9-4869-8367-27fc6340f407.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-week candle chart (Bitstamp) with 50, 200MA. Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Hash_rate_difficulty_in_line_for_fresh_record_highs\"><\/span>Hash rate, difficulty in line for fresh record highs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In a familiar silver lining, Bitcoin\u2019s network <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/btc.com\/stats\/diff\">fundamentals<\/a> are keeping the bullish vibe firmly intact as the month draws to a close.<\/p>\n<p>The next automated readjustment will see difficulty adding an estimated 10% to its current tally. This will cancel out the previous readjustment\u2019s modest decline to send difficulty to new all-time highs.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/fc6955ea-3b48-4de1-8326-1a776b26d7e1.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin network fundamentals overview (screenshot). Source: BTC.com<\/em><\/figcaption><\/figure>\n<p>This is a crucial yardstick for gauging Bitcoin miner sentiment, as such significant increases suggest corresponding advances in competition for block subsidies.<\/p>\n<p>It comes on the back of increasing coverage of so-called \u201cordinals\u201d fees, with miner profitability clearly recovering after months of pressure.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/2b99ba4d-6002-4c24-ae85-1df4ef1a0b1c.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin miner net position change chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>Data from on-chain analytics firm <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;category=&amp;m=distribution.BalanceMinersChange&amp;s=1662601680&amp;u=1676851200&amp;zoom=\">Glassnode<\/a> bears this out. Miners have begun retaining more BTC than they sell on rolling monthly timeframes, reversing a trend of net sales in place from mid-January.<\/p>\n<p>Raw data from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/miningpoolstats.stream\/bitcoin\">MiningPoolStats<\/a> meanwhile shows Bitcoin network hash rate also preserving its upward trend, remaining at over 300 exahashes per second (EH\/s).<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/91a7519f-16c0-44d0-8ed2-b20819c3c2d9.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin hash rate raw data chart (screenshot). Source: MiningPoolStats<\/em><\/figcaption><\/figure>\n<p>\u201cUnstoppable!\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/JanWues\/status\/1626266212375097344\">commented<\/a> economist and analyst Jan Wuestenfeld\u00a0about the phenomenon as its 30-day moving average climbed to new all-time highs of its own last week.<\/p>\n<p>Joe Burnett, head analyst at Blockware, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/IIICapital\/status\/1626308393739726851\">described<\/a> hash rate growth as \u201ctruly relentless.\u201d<\/p>\n<p>\u201cThe 14 day moving average of total global hash rate now sits at ~ 290 EH\/s. Bitcoin miners are scavenging the Earth for cheap, wasted, excess energy,\u201d he added alongside Glassnode figures.<\/p>\n<p>Longtime Bitcoin market participants will recall the once popular phrase, \u201cprice follows hash rate,\u201d which postulates that a large enough hash rate uptrend has inevitable bullish implications for BTC price action.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Most_%E2%80%9Cgreed%E2%80%9D_since_Bitcoin_all-time_highs\"><\/span>Most \u201cgreed\u201d since Bitcoin all-time highs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>$25,000 is a headache for reasons beyond solid resistance \u2014 breaking above it could be an unsustainable move for Bitcoin.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin\u2019s bullish price action continues to bolster rallies in FIL, OKB, VET and RPL<\/em><\/strong><\/p>\n<p>The latest findings from research firm Santiment suggest that crypto market sentiment becomes too greedy around those multimonth highs.<\/p>\n<p>\u201cBitcoin\u2019s 8-month high yesterday came with a great amount of euphoria,\u201d it <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/santimentfeed\/status\/1626666644633423872\">commented<\/a> on a chart showing social media activity. <\/p>\n<blockquote><p>\u201cPerhaps a bit too much, as the positive commentary on social platforms may have created a local top. Just as the negative commentary on Feb. 13th likely contributed to the bottom.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/37add4b1-3542-4b1a-b0d8-0dabdadaacdf.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin sentiment annotated chart. Source: Santiment\/ Twitter<\/em><\/figcaption><\/figure>\n<p>The phenomenon is also visible on altcoins, with Santiment singling out Dogecoin (DOGE) as a key example this month.<\/p>\n<p>\u201cThis pattern of social volume and highly positive sentiment toward Dogecoin perfectly illustrates how euphoria creates price tops. Regardless of your opinion on DOGE, hype on this asset in particular historically foreshadows market corrections,\u201d it <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/santimentfeed\/status\/1626333021078196224\">concluded<\/a>.<\/p>\n<p>The ever-popular <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">Crypto Fear &amp; Greed Index<\/a> meanwhile shows \u201cgreed\u201d as the overriding sentiment flavor across crypto this week. <\/p>\n<p>The push to the highs for Bitcoin coincided with a reading of 62\/100 for the Index, marking new highs since the November 2021 push to $69,000 on BTC\/USD.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/6504520a-3195-48dc-bc2d-1468d843ddc0.png\"><figcaption style=\"text-align: center;\"><em>Crypto Fear &amp; Greed Index (screenshot). Source: Alternative.me<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/a-snap-back-to-20k-5-things-to-know-in-bitcoin-this-week\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; A \u2018snap back\u2019 to $20K? 5 things to know in Bitcoin this week &#8220; Bitcoin (BTC) starts the last week of February in a volatile mood as a crucial area of resistance fails to break. After a classic \u201cfakeout\u201d during low-volume weekend trading, BTC\/USD is back below $25,000, with bulls still lacking momentum. The&#8230;<\/p>\n","protected":false},"author":1,"featured_media":554157,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/1b785a1b-15c9-4a9b-b31c-b1f09a0a8e56.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,74937,73785],"class_list":["post-554156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/554156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=554156"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/554156\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/554157"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=554156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=554156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=554156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}