BTC Price Plunges to 1-Week Low Amid Bitcoin Whales and Nvidia Worries

Bitcoin faced resistance at the Wall Street open on February 21 and struggled to break out of its trading range. Data from Markets Pro and TradingView showed that BTC retested its lowest price levels in a week after reaching new highs of $53,000. Even though there was anticipation of buyer interest in exchange-traded funds (ETFs), this did not help lift the mood or provide support for Bitcoin. Crypto Chase, a popular trader, pointed out that Bitcoin was dealing with the fair value gap (FVG) on daily timeframes, but expressed confidence in the cryptocurrency’s ability to recover. Keith Alan, co-founder of Material Indicators, emphasized that ETF inflows were not a surefire way to boost the market, as BTC whales were selling into the demand for ETFs. Despite some bearish sentiment, other traders, such as Daan Crypto Trades and Jelle, called for calm and urged caution before making any decisions. QCP Capital, a trading firm, attributed BTC’s price weakness to high funding rates, suggesting that a pullback could occur after a strong upward move. The firm also highlighted the upcoming earnings report from Nvidia as a potential source of volatility for risk assets, with a potential sell-off in US equities and crypto prices if there is any disappointment. Daan Crypto Trades also noted that the earnings report could lead to a volatile and frothy market in the coming weeks.