Feb 17, 2023

Bitcoin Hits Six-Month Highs as Bulls Feel the Gains

The cryptocurrency market is showing signs of bullishness as Bitcoin (BTC) price rose to its highest level in six months on Feb. 16. According to data from Cointelegraph Markets Pro and TradingView, BTC/USD hit $24,895 on the day.

The recent gains in the largest cryptocurrency are being attributed to a combination of factors, including macroeconomic tailwinds from the United States, improved sentiment across risk assets, and Wall Street data prints.

The U.S. Consumer Price Index (CPI) has mostly conformed to expectations, while retail sales and manufacturing numbers have further boosted the outlook. The positive sentiment is also being driven by U.S. unemployment data, which is expected to come in above expectations.

This could send a signal to the market that the Federal Reserve’s restrictive economic policy is working and that a turnaround could come sooner rather than later. A lowering of interest rates and boosting of liquidity would make risk asset trades more appealing.

The Bitcoin rally is also being driven by whales, who are taking advantage of the opportunity to influence the rally. 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.

Cointelegraph contributor Michaël van de Poppe believes that if BTC/USD breaks the $25,000 level, it could continue towards $30-35K. He added that corrections are relatively short-lived in an upwards trending market and that higher timeframe levels will get one test before markets start to shoot upwards.

The NFT market has also been booming in recent months, with many companies turning to NFTs to promote their products or services. NFTs are also becoming increasingly popular as a way to sell digital assets, and many companies are now turning to NFT marketing agencies to help them promote their NFTs on platforms such as Twitter.

NFT marketing agencies specialize in creating and executing effective campaigns that help companies promote their NFTs and reach their target audiences. They can also help companies create strategies to maximize their NFT sales and optimize their NFT marketing efforts.

The web3 space is becoming increasingly popular, and the rise of Bitcoin and NFTs is just one example of how the web3 economy is evolving. As more companies move into the web3 space and explore the potential of NFTs, it is likely that the demand for NFT marketing agencies will continue to grow.

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.