Feb 17, 2023
Bitcoin Hits Six-Month Highs as Bulls Take Charge
Bitcoin (BTC) is on the rise, with prices hitting six-month highs on February 16th. This surge is being driven by a combination of factors, from macroeconomic tailwinds in the US to improving sentiment across risk assets. Data from Cointelegraph Markets Pro and TradingView shows BTC/USD hitting $24,895 on the day – its best since mid-August 2022.
The gains come in a key week of US macroeconomic data prints, with the Consumer Price Index (CPI) mostly conforming to expectations. This 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.
The US macro data has emboldened Bitcoin bulls, with Keith Alan, co-founder of monitoring resource Material Indicators, summarizing: “After a stampede for 10%, BTC bulls ran into a wall. Clean rejection on the first test of key Weekly MAs. A hot Jobless Report could strengthen another attempt. Looking for a partial retrace to deliver another setup to scalp the volatility around the US economic reports.”
An interesting development is that Bitcoin is climbing in tandem with the US dollar, which is usually negatively correlated. This is because short-term treasury yields have moved higher, resulting in capital flowing into the US. Dr. Jeff Ross, founder and CEO of Vailshire Capital Management, commented: “BTC going higher because of increasing worldwide liquidity.”
However, some are nervous, with trader Mark Cullen warning: “Markets are starting to bifurcate, with Tradfi & $DXY not supporting the move yesterday. I think the highs are going to get swept, but the Q is, if this move wipes out both sides 1st?”
Whales are taking advantage of the surge, with Cointelegraph contributor Michaël van de Poppe commenting: “Corrections are relatively short-lived in an upwards trending market. 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.”
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