Bitcoin (BTC<\/a>) edged closer to $22,000 over the weekend as traders and analysts urged caution on overly bearish sentiment.\u00a0<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD seeing small spurts higher into Feb. 12.<\/p>\n After hitting three-week lows<\/a> the week prior, Bitcoin was a target for opportunistic whales, on-chain analytics resource Material Indicators explained.<\/p>\n Uploading a chart from the BTC\/USD order book on Binance, Material Indicators captured resistance shifting higher, with the potential uptick in spot price offering a more advantageous selling level for large-volume players.<\/p>\n \u201cFireCharts shows Crypto Weekend whales seem interested in trying to exploit the upside illiquidity in the Bitcoin order book to sell higher. Personally, I’m fine with that,\u201d part of accompanying comments read.<\/p>\n The week\u2019s lows meanwhile saw moderate reactions from market participants, some of whom pushed back against calls for a mass capitulation event on short timeframes.<\/p>\n \u201cCT hysterical about bear market when BTC hasn’t retested a major fib or moving average which were busted after 3 waves up,\u201d Filbfilb, co-founder of trading suite Decentrader, argued<\/a> on the day. <\/p>\n Popular trader Crypto Tony was similarly cool on current price action. <\/p>\n \u201cI am short as per my updates while we reside below the main resistance zone below $22,400 – $22,600. Overall i could see another tap of the highs if we can hold above $20,300 overall,\u201d he reasoned<\/a>. <\/p>\n \u201cMarket structure is not yet broken to the downside just yet.\u201d<\/p><\/blockquote>\n Ahead of the weekly close, others were already focusing on next week\u2019s macroeconomic data as the next potential volatility catalyst.<\/p>\n Related:\u00a0Bitcoin is already in its \u2018next bull market cycle\u2019 \u2014 Pantera Capital<\/a><\/em><\/strong><\/p>\n The Consumer Price Index (CPI<\/a>) print for January formed the headline event out of several in the United States, this due on Feb. 14.<\/p>\n \u201cBig week ahead of us,\u201d Cointelegraph contributor Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, summarized<\/a>, also noting retail sales, Empire State Manufacturing Index and Producer Price Index (PPI) due during the week.<\/p>\n \u201cMy thoughts are that we’re likely to see inflation continue to fall and fall steeply. Gas prices have been dropping like a stone also, and this drop -> markets up,\u201d he added.<\/p>\n Material Indicators agreed, saying that it was “Expecting volatility to continue through Tuesday’s CPI Report.”<\/p>\n 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<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/8631be37-eec3-4ab6-bd5d-e761c5dce6e6.png\")
Analyst dismisses “hysterical” crypto sentiment<\/h2>\n
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CPI leads important macro data week<\/h2>\n
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