Feb 17, 2023
Bitcoin Price Hits Six-Month Highs as Bulls Take Charge
The crypto market is showing some signs of life as Bitcoin (BTC) has reached a six-month high of $24,895 on February 16th. This is a result of a combination of factors that have encouraged optimists and caused a surge in the price of Bitcoin.
The United States’ macroeconomic data has been a major influence in the recent surge in Bitcoin’s price. The Consumer Price Index (CPI) was mostly in line with expectations, and the retail sales and manufacturing numbers have further bolstered the outlook of the crypto market. Investors have been more willing to take on riskier trades, which has been a major factor in the surge of Bitcoin’s price.
The coming week will be a crucial one for the U.S. macroeconomic data prints, and this will be a major factor in the direction of the crypto market. The Jobless Report will be a key factor in the market’s performance, and if the data comes in higher than expected, it could be a signal that the Federal Reserve’s restrictive economic policy is working and that a turnaround could come sooner rather than later.
The U.S. dollar and Bitcoin have been positively correlated in recent weeks, which is an unusual state of affairs. The rise in short-term treasury yields has caused capital to flow into the U.S. dollar, and the increasing liquidity has also been a major factor in the surge of Bitcoin’s price.
Whales have been taking advantage of the current market conditions, causing the bid and ask liquidity to move up and down the order book. The support level has moved up to $21,600, and if the whales can clear the $25,000 resistance level, they can exploit the upside illiquidity quickly.
Michaël van de Poppe, a Cointelegraph contributor, believes that if Bitcoin can break the $25,000 resistance level, it could continue to rise to $30-35,000. Corrections are relatively short-lived in an upwards trending market, and with the right conditions, Bitcoin could continue to surge.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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