Feb 17, 2023
Bitcoin Bulls Soar as U.S. Data Drives BTC to 6-Month Highs
The Bitcoin (BTC) price is up on February 16th as a combination of factors drives the cryptocurrency to six-month highs. Data from Cointelegraph Markets Pro and TradingView shows BTC/USD hit the impressive mark of $24,895 on the day, its best since mid-August 2022.
The surge in Bitcoin’s price is being attributed to a number of macroeconomic tailwinds, particularly from the United States, coupled with an improving sentiment across risk assets. The BTC/USD gained almost 10% on February 15th and another 2% on February 16th, with altcoins also following suit.
Ahead of the Wall Street open, let’s take a look at what is driving crypto markets today.
U.S. Macro Data Emboldens Bitcoin Bulls
The week began with a Consumer Price Index (CPI) that largely conformed to expectations, despite a reshuffle in its calculation. CPI is a classic volatility catalyst for stocks and crypto, and despite a slow initial reaction, the reaction this time ultimately proved no different.
Retail sales and manufacturing numbers then further boosted the outlook, with investors providing more “dry powder” for risk trades and sending crypto higher. With even more data still to come, the focus is on whether the good news will continue and if it can sustain the latest innings of Bitcoin’s blistering 2023 comeback.
U.S. Dollar Strength Meets Bitcoin Price
In a curious, if temporary, state of affairs, Bitcoin is climbing in tandem with the U.S. dollar. Traditionally negatively correlated, the two assets are both benefiting from the current climate — but for different reasons.
According to Dr. Jeff Ross, founder and CEO of Vailshire Capital Management, short-term treasury yields have moved higher, resulting in capital flowing into the U.S. BTC is going higher because of increasing worldwide liquidity, he added, referencing the aforementioned liquidity changes.
However, some are still cautious, questioning how long the out-of-character status quo might continue.
Bitcoin Whales Guide Support and Resistance Higher
As Bitcoin began to rise sharply once more, opportunities to influence the rally were not lost on some of its biggest traders. Whales are constantly in touch with order book activity, and current conditions have seen bid and ask liquidity move up and down the order book — taking spot price with it.
An accompanying screenshot of the Binance BTC/USD order book showed $25,000 strengthening overnight, with crucial support also inching higher to $21,600. Cointelegraph contributor Michaël van de Poppe argued that corrections are relatively short-lived in an upwards trending market, and that if $25K is broken, we’ll continue towards $30-35K for Bitcoin.
The surge in Bitcoin’s price is providing more than just a financial boost for the crypto space. It is also providing a boost to NFTs and the NFT marketing industry. With the increased demand for digital assets, more companies are turning to NFTs to promote their products and services.
NFTs are digital assets that are stored on the blockchain and can be used to represent a variety of digital assets, from art to collectibles. NFTs are becoming increasingly popular as a way to promote products, services, and brands.
NFT marketing agencies are popping up all over the web3 space, offering services such as Twitter NFT marketing, NFT promotion, and NFT sales. These agencies are helping companies to create, promote, and sell NFTs, making them an integral part of the web3 ecosystem.
This surge in demand for NFTs and NFT marketing is also creating opportunities for web3 agencies, which specialize in developing and marketing web3-based projects. These agencies are helping companies to create and launch NFTs, as well as helping them to market and promote their NFTs.
The combination of Bitcoin’s surge in price, the increased demand for NFTs, and the emergence of NFT marketing agencies is creating a vibrant ecosystem in the web3 space. With the right combination of financials and marketing, companies can leverage the potential of the web3 space to reach new audiences, promote their products and services, and generate revenue.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
