Bitcoin price ‘carnage’ comes as gold hits new all-time high

Bitcoin (BTC) disappointed traders after the Feb. 19 Wall Street open as sellers quickly quashed early gains.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

BTC price action teases “early-stage bullish divergence”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rejecting from daily highs of $96,677 on Bitstamp.

Unable to shake its low-timeframe range, Bitcoin maintained what had become a repetitive series of stable trading during Europe and Asia hours flipping to downside for the US session.

“$BTC US Market Open sell offs are pretty rough recently,” popular trader Daan Crypto Trades wrote in part of an X post on the day, highlighting the Wall Street selling.

BTC/USD 15-minute chart. Source: Daan Crypto Trades/X

Fellow trader Roman described the trading range as “absolute carnage.”

“Constant fakeouts on both sides, low volume, & hard to determine momentum,” he summarized.

Seeking cause for optimism, Cold Blooded Shiller noted weakening momentum on each sell-off, seeing the potential for a push to $101,000 should a major short squeeze event take place.

As Cointelegraph reported, the area immediately above the $100,000 mark is already on the radar as an upside target.

BTC/USD 1-day chart with RSI data. Source: Rekt Capital/X

Popular trader and analyst Rekt Capital meanwhile eyed what could become a bullish divergence on the daily Relative Strength Index (RSI).

“Subtle Lower Lows on the price action and Higher Lows on the RSI Potential early-stage Bullish Divergence developing on the Daily timeframe,” he told X followers.

Another post contextualized daily price action, with $97,700 a key level to reclaim as support for bulls.

BTC/USD 1-day chart. Source: Rekt Capital/X