Feb 17, 2023
Bitcoin Hits 6-Month Highs on Bullish Macro Data
The crypto market is seeing significant gains on Feb. 16 as Bitcoin (BTC) reaches six-month highs. Data from Cointelegraph Markets Pro and TradingView shows BTC/USD hitting $24,895 on the day, with altcoins also seeing a surge.
The gains come as the United States releases a series of macroeconomic data prints, which have so far indicated that inflation is ebbing — an important prerequisite for risk asset performance. Investors have responded by providing more “dry powder” for risk trades, sending crypto higher.
The bullish sentiment is being driven largely by the Consumer Price Index (CPI) and retail sales and manufacturing numbers, which have all been in line with expectations. The U.S. Jobless Report, due to be released this week, could further strengthen the narrative that the Fed’s restrictive economic policy is working and that a turnaround could come sooner than later.
The gains have been helped along by Bitcoin whales, who are capitalizing on the surge by influencing order book activity and taking spot prices higher. “Expecting rejection at $25k and a dump to clear the way for volatility around the 8:30am ET Jobless Report, but they just laddered asks up to $28k,” a tweet explained.
The order book chart showed $25,000 strengthening overnight, with crucial support also inching higher to $21,600. Cointelegraph contributor Michaël van de Poppe commented that “higher timeframe levels get one test and then markets start to shoot upwards, as people over short the correction. Breaking $25K and we’ll continue towards $30-35K for Bitcoin.”
The current gains are in stark contrast to the traditional negative correlation between Bitcoin and the U.S. dollar. However, the situation is temporary, with Dr. Jeff Ross, founder and CEO of Vailshire Capital Management, noting that short-term treasury yields have moved higher, resulting in capital flowing into the U.S.
The market is now waiting to see if the good news will continue and whether it can sustain the latest innings of Bitcoin’s blistering 2023 comeback. As such, the web3 space is abuzz with talk of NFTs, crypto, and promotion. Twitter NFT marketing is one of the most popular methods of promotion, and many web3 agencies are offering their services to help people sell NFTs. NFT marketing agencies are also becoming increasingly popular, offering services to help promote NFTs and increase their visibility.
The current market conditions are providing an excellent opportunity for those looking to capitalize on the crypto boom. As Bitcoin continues to rise, it will be interesting to see how the market responds and whether the gains can be sustained.
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.
