Feb 16, 2023
Bitcoin Reaches Six-Month Highs as Bulls Surge
Bitcoin (BTC) is on the rise on February 16th, as a combination of factors send the cryptocurrency to a six-month high. According to data from Cointelegraph Markets Pro and TradingView, BTC/USD hit $24,895 on the day, its best since mid-August 2022.
The surge in Bitcoin’s price is due to a number of macroeconomic tailwinds, particularly from the United States, as well as an improving sentiment across risk assets. BTC/USD has gained almost 10% on February 15th and another 2% on February 16th, with altcoins following suit.
The gains come in a key week of US macroeconomic data prints, with a Consumer Price Index (CPI) that mostly conformed to expectations and data on retail sales and manufacturing numbers further boosting the outlook. With more data still to come, investors are waiting to see if the good news will continue and if it can sustain the latest innings of Bitcoin’s blistering 2023 comeback.
The US macro data has emboldened Bitcoin bulls, but the currency is also receiving support from a strengthening US dollar. Traditionally, the two assets have been negatively correlated, but they are both benefiting from the current climate, albeit for different reasons.
The short-term treasury yields have moved higher, resulting in capital flowing into the US, while Bitcoin is rising thanks to increasing worldwide liquidity. However, some traders are still nervous about how long this out-of-character status quo might continue.
Whales have been taking advantage of the situation and have been influencing the rally by laddering asks up to $28k and strengthening the bid and ask liquidity up and down the order book. If they clear $25k, they can exploit the upside illiquidity fast.
According to Cointelegraph contributor Michaël van de Poppe, corrections are relatively short-lived in an upwards trending market. If Bitcoin manages to break $25K, it could continue towards $30-35K.
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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.
