Feb 17, 2023
Bitcoin Soars to 6-Month Highs on U.S. Macro Data
On February 16th, the price of Bitcoin (BTC) saw a surge to its highest level since mid-August 2022, reaching $24,895, according to data from Cointelegraph Markets Pro and TradingView. This increase in value, which comes after weeks of consolidation, is being driven by a combination of factors, including macroeconomic tailwinds, risk asset performance, and improving sentiment across the crypto market.
The macroeconomic data prints from the United States have been a major catalyst for this surge in Bitcoin prices, with the Consumer Price Index (CPI) mostly conforming to expectations. The CPI is a classic volatility catalyst for stocks and crypto, and the reaction to this data has been no different. Retail sales and manufacturing numbers have further bolstered the outlook, and with more data still to come, the current mood is optimistic that the good news will continue.
The positive news has been further bolstered by the strengthening of the U.S. dollar, which is traditionally negatively correlated with Bitcoin. Short-term treasury yields have risen, resulting in capital flowing into the U.S., and this has been further supported by the Federal Reserve’s restrictive economic policy.
The gains have also been driven by Bitcoin whales, who have been actively influencing the rally. The whales have been taking advantage of order book activity, and have been pushing bid and ask liquidity up and down the order book, taking the spot price with it.
Cointelegraph contributor Michaël van de Poppe has argued that corrections are relatively short-lived in an upwards trending market, and that if Bitcoin breaks $25,000, it could continue towards $30-35,000.
The crypto market is an increasingly attractive space for investors, and the recent surge in Bitcoin prices is a testament to this. NFTs are becoming increasingly popular, and the use of NFT marketing and promotion is helping to drive the market forward. NFT marketing agencies, such as Twitter NFT Marketing, are helping to promote and sell NFTs, and web3 agencies, such as Web3 Agency, are helping to bridge the gap between traditional and crypto markets.
It remains to be seen if the current surge in Bitcoin prices will be sustained, but the outlook is positive and investors are optimistic that the good news will continue.
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.
