Bitcoin Faces Fourth Straight Weekly Decline as Market Fears Intensify

By Francisco Rodrigues (All times ET unless indicated otherwise)

Bitcoin (BTC) is on track for its fourth consecutive weekly decline, marking its longest negative streak since mid-November. The world’s largest cryptocurrency has lost 1.7% in the past 24 hours and 4.8% since Monday morning, trading at $67,114.82 as of press time.

The broader CoinDesk 20 Index (CD20) fell 2% in a market that Bitwise research analyst Danny Nelson describes as being “mostly driven by fear.” The Crypto Fear and Greed Index has now remained in “extreme fear” territory for almost two weeks, signaling heightened investor anxiety.

“The market’s main driver right now is fear. Fear that we’ll go lower,” Nelson told CoinDesk. “In a market like this, good news doesn’t register with investors. If they see an exit ramp, they’re taking it.”

Nelson’s assessment is supported by the reaction to Uniswap’s (UNI) 25% surge after BlackRock (BLK) announced it would make shares of its $2.2 billion tokenized U.S. treasury fund BUIDL tradable on the decentralized exchange. The token has since given back those gains, illustrating the market’s current risk-averse sentiment.

“Sellers bearish on the market’s short-term direction overwhelmed the bulls betting that institutional adoption will drive value long-term,” Nelson explained.

Adding to market uncertainty, stronger U.S. payroll data and a falling unemployment rate earlier this week prompted traders to revise their rate-cut expectations for the year. Further guidance may come later today with the release of January’s Consumer Price Index (CPI), forecast to show 2.5% year-over-year inflation.

The potential for a partial U.S. government shutdown adds another layer of volatility. Odds of a shutdown occurring tomorrow stand at approximately 90% on prediction market Kalshi. If realized, expect even thinner trading conditions and heightened price swings.

Technical Analysis: Bitcoin at Critical Juncture

Bitcoin remains pressured below the 200-week exponential moving average of $68,324. A confirmed weekly close below this level historically signals a further 20%-25% capitulation, potentially taking prices toward the $51,000–$54,000 range before a bottom forms.

The current market structure suggests that without a significant catalyst, Bitcoin may continue its downward trajectory in the near term, as sellers maintain control amid broader macroeconomic uncertainty.

What to Watch

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

• Macroeconomic Data:

  • Feb. 13, 8:30 a.m.: U.S. core inflation rate YoY for January (Prev. 2.6%); MoM Est. 0.3% (Prev. 0.2%)
  • Feb. 13, 8:30 a.m.: U.S. inflation rate YoY for January (Prev. 2.7%); MoM Est. 0.3% (Prev. 0.3%)

• Earnings (Estimates based on FactSet data):

  • Feb. 13: Trump Media & Tech Group (DJT), post-market
  • Feb. 13: HIVE Digital Technologies (HIVE), post-market, -$0.07

Market Movements

• BTC is up 1.75% from 4 p.m. ET Thursday at $66,933.65 (24hrs: -0.83%)
• ETH is up 2.05% at $1,961.15 (24hrs: -0.97%)
• CoinDesk 20 is up 1.48% at 1,913.46 (24hrs: -1.96%)
• Ether CESR Composite Staking Rate is down 15 bps at 2.85%
• BTC funding rate is at 0.0019% (2.0947% annualized) on Binance

Key Market Indicators:

• DXY is up 0.13% at 97.05
• Gold futures are up 1.41% at $4,993.10
• Silver futures are up 3.65% at $78.30
• Major indices show mixed performance with U.S. markets closing lower on Thursday

Bitcoin Statistics:

• BTC Dominance: 59.01% (+0.41%)
• Ether-bitcoin ratio: 0.02923 (-0.55%)
• Hashrate (seven-day moving average): 1,027 EH/s
• Hashprice (spot): $33.55
• Total fees: 2.55 BTC / $170,716
• CME Futures Open Interest: 116,875 BTC
• BTC priced in gold: 13.5 oz.
• BTC vs gold market cap: 4.48%

Crypto Equities Performance:

• Coinbase Global (COIN): closed Thursday at $141.09 (-7.90%), +5.87% at $149.37 in pre-market
• Circle Internet (CRCL): closed at $56.63 (-2.13%), +1.71% at $57.60
• Galaxy Digital (GLXY): closed at $20.15 (-1.23%)
• MARA Holdings (MARA): closed at $7.25 (-4.10%), +1.10% at $7.33
• Riot Platforms (RIOT): closed at $14.20 (-4.05%), +0.85% at $14.32

ETF Flows:

• Spot BTC ETFs: Daily net flows -$410.2 million, cumulative $54.3 billion, total holdings ~1.27 million BTC
• Spot ETH ETFs: Daily net flows -$113.1 million, cumulative $11.67 billion, total holdings ~5.8 million ETH

Crypto Daybook Americas will not be published on Monday, Feb. 16 due to the Presidents’ Day holiday in the U.S. We will be back on Feb. 17.

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