Feb 16, 2023
Bitcoin Price Surges 15%, Hits 6-Month High
The value of Bitcoin (BTC) skyrocketed on February 16th, reaching a six-month high of $24,800. This double-digit surge of 15% came as a surprise to many, as February is typically a bearish month for the top cryptocurrency. BTC’s price rose by a whopping $1,820 in a single day, making it the biggest single-day green day for the top crypto in the last six months.
The surge in Bitcoin’s value has been attributed to a variety of factors, including a rise in the dollar value and declining inflation. On-chain data indicates that the current price momentum can be traced back to a mysterious fund that started pouring money into the crypto market on February 10th.
According to data from Lookonchain, nearly $1.6 billion in institutional funds were injected into the crypto market over the past six days. Most of the funds came from stablecoins, with USD Coin (USDC) issued by Circle accounting for the majority of the money. It appears that the fund’s owner withdrew their USDC from Circle and then sent it to various exchanges.
Three wallets in particular stood out when it came to moving funds from Circle to exchanges. The first, a wallet address starting with “0x308F”, withdrew 155 million USDC from Circle and transferred it to exchanges since February 10th. The second wallet address starting with “0xad6e” withdrew 397 million USDC from Circle and sent it to various exchanges, and a third wallet starting with “0x3356” withdrew 953.6 million USDC from Circle and transferred it to exchanges around the same time.
The Bitcoin price surge comes just days after the top cryptocurrency hit its first-ever weekly death cross. The death cross appears on a chart when an asset’s short-term moving average, usually the 50-day, crosses below its long-term moving average, usually the 200-day. Despite the bearish nature of the pattern, the death cross has been followed by above-average short-term returns in recent years.
The crypto community had mixed reactions to the price surge. Bitcoin proponents called it the start of another bull run, while others warned that large players were cashing out. Samson Mow commented on the price surge, “BTC price is still below the 200 WMA, which is 25k. Bitcoin trading below the 200 WMA is an anomaly.” In each of its major market cycles, Bitcoin’s price has historically bottomed out around the 200-week moving average.
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