Feb 17, 2023

Bitcoin Hits 6-Month Highs as Bulls Take Charge

Bitcoin is experiencing a surge in price on Feb. 16 as a combination of positive macroeconomic factors and improving sentiment across risk assets have sent the largest cryptocurrency to six-month highs. Data from Cointelegraph Markets Pro and TradingView shows BTC/USD hit $24,895 on the day, its best since mid-August 2022.

The gains come in a key week of U.S. macroeconomic data prints, which have so far fed the narrative that inflation is ebbing — an important prerequisite for risk asset performance. A Consumer Price Index (CPI) mostly conformed to expectations, and Retail sales and manufacturing numbers further boosted the outlook. With even more data still to come, the mood is all about whether the good news will continue and sustain the latest innings of Bitcoin’s blistering 2023 comeback.

The surge in Bitcoin price is occurring in tandem with the U.S. dollar. Traditionally negatively correlated, the two assets are both benefiting from the current climate — but for different reasons. Short-term treasury yields have moved higher, resulting in capital flowing into the U.S., while increasing worldwide liquidity is also boosting Bitcoin.

Whales are taking advantage of the current conditions, with order book activity seeing bid and ask liquidity move up and down the order book — taking spot price with it. This has seen support and resistance levels move higher, with $25,000 strengthening overnight and crucial support inching higher to $21,600.

The NFT and crypto markets have been abuzz with speculation that the current surge in Bitcoin and other cryptocurrencies could be a sign of a larger bull market. This has led to an increase in demand for NFTs, with many savvy investors looking to take advantage of the current market conditions.

As a result, NFT marketing agencies have seen an uptick in business as more investors look to promote their NFTs on social media platforms such as Twitter. The use of Twitter and other platforms as an effective NFT marketing tool has become increasingly popular, with many agencies offering services such as content creation, influencer outreach, and analytics.

The use of NFTs as a promotional tool is also gaining traction, with many companies now offering promotional NFTs as a way to engage with their target audiences. NFTs are being used to promote products, services, and events, with many companies now offering promotional NFTs as a way to reward customers for their loyalty.

The future looks bright for the web3 space, with the current surge in Bitcoin and other cryptocurrencies signaling the start of a larger bull market. With the increased demand for NFTs and the rise of NFT marketing agencies, the web3 space looks set to continue its growth in the coming months.

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.