Wintermute: Bitcoin finds support at the 200-week moving average, macro clarity needed for uptrend restart

BlockBeats News, February 17th, according to a Wintermute report, as spot trading volume continues to shrink, leverage has become the main driver of short-term volatility. In the absence of "structural buying" (long-term funds willing to absorb selling pressure) to dampen volatility, the market experiences sharp swings on both the long and short sides. Technically, BTC has found support near its 200-week moving average, a level that has historically marked the bottom of bear markets.

Wintermute believes that until clear signals reappear at a macro level, each rebound should be seen as an opportunity to reduce risk rather than a reason to chase rallies. For crypto, returning to an upward trajectory still depends on macro clarity. The 200-week moving average continues to provide support, and no structural damage has occurred in the market, indicating that once macro uncertainty diminishes, the recovery speed may be faster than current sentiment suggests. In the short term, we are in a range-bound, slightly bearish state; the market is driven by leverage, and $70,000 remains a key resistance level in the near term.