Bitcoin surged back above $70,000 in the past 24 hours, pausing its recent losses even as markets brace for a pivotal decision expected on February 20. As leading altcoins scrambled to recover lost ground, meme coins captured investor attention, posting strong gains and driving a vibrant weekend for the digital asset space. By early morning, Bitcoin settled around $69,400, while numerous meme coins started the day up over 5%.
Bitcoin ETF Flows and Geopolitical Headwinds
Over the last trading week, U.S.-listed Bitcoin exchange-traded funds registered net outflows, with more than $600 million leaving these products despite partial inflows offsetting roughly half that amount. The overall trend remained negative for ETFs, influenced by diminished expectations for Federal Reserve rate cuts and steady strength in U.S. jobs data. Meanwhile, geopolitical risks continue to loom, with unresolved tensions involving Iran raising concerns that any breakdown in negotiations could lead to prolonged conflict and market upheaval.
Weekly Technical Levels Shape Bitcoin Outlook
As Asian markets opened, Bitcoin showed renewed determination, with a strong 15-minute rally nudging it back toward the $70,000 threshold. However, analysts caution that a true reversal in sentiment likely depends on a weekly close above $72,000, a level seen as crucial for any sustained bullish momentum.
Last month, a much-anticipated tariff ruling from the Supreme Court was delayed, redirecting focus to the next possible decision date of February 20. That deadline is now fast approaching, and markets are bracing for the possibility that tariffs may be lifted next week. Should the Court decide otherwise, the market has mostly priced in the worst-case scenario, potentially providing fertile ground for a crypto rebound. Still, given that lower courts have repeatedly ruled against Trump and the law’s limitations are clear, expectations for a Supreme Court decision in Trump’s favor have waned.
In a best-case scenario, Bitcoin could break through the $72,000 mark and target $80,600 in the sessions ahead. But with the current medium-term structure still signaling a clear downtrend for cryptocurrencies—and every upward move encountering fresh profit-taking—it may be wise to temper expectations rather than succumb to unbridled optimism.
Meme Coins Lead Crypto Market’s Weekend Charge
Dogecoin opened the day with a remarkable 20% jump, while Shiba Inu closed in on double-digit gains, further fueling hope among traders for a broader recovery led by major meme coins. Historically, such bursts of activity offer early signs of market rebounds. Should this upswing persist, riskier altcoins could soon be posting gains exceeding 20%, taking the reins of the market’s advance. The swift rebound of Dogecoin to $0.11 following a period of intense selling may serve as just such a signal.
Among the top performers this week were altcoins like PIPPIN, H, KITE, STABLE, ZEC, PEPE, PI, ASTER, and MORPHO, which notched gains ranging from 30% to as high as 285%. This impressive show of resilience in select smaller coins hints at a renewed risk appetite and optimism among active traders.
