Feb 17, 2023
Bitcoin Soars to 6-Month Highs on U.S. Macro Data
The price of Bitcoin (BTC) has surged to its highest level since August 2022, as a combination of factors sends the crypto to six-month highs. Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD hit $24,895 on February 16th.
The largest cryptocurrency is seeing impressive gains this week as the BTC bulls take advantage of the favorable macroeconomic environment. The U.S. has been providing positive data prints, which has been boosting the sentiment around risk assets and sending the crypto higher. On February 15th, BTC/USD gained almost 10%, followed by a 2% increase on the 16th.
The U.S. macroeconomic data this week has been mostly in line with expectations, with the Consumer Price Index (CPI) being the main volatility catalyst. The Retail Sales and Manufacturing numbers have further added to the positive outlook, with investors providing more “dry powder” for risk trades. The upcoming Jobless Report could be the deciding factor in whether the good news will continue, and whether it can sustain Bitcoin’s blistering 2023 comeback.
The U.S. dollar and Bitcoin have been rising in tandem, which is a rare but temporary occurrence. Short-term treasury yields have been increasing, resulting in capital flowing into the U.S. At the same time, worldwide liquidity has been increasing, which is also contributing to the rise in BTC.
The whales have been playing a key role in the current rally, as they have been manipulating the order books to exploit the illiquidity on the upside. Corrections have been relatively short-lived, with higher timeframe levels getting one test before the markets start to shoot upwards. If Bitcoin can break the $25,000 resistance, it could continue towards $30-35K.
The crypto space has seen a surge in interest in Non-Fungible Tokens (NFTs) over the past few months, and this has opened up a new avenue for NFT marketing. Twitter NFT marketing has become increasingly popular, as it allows NFT creators to reach a large audience and promote their work. NFT marketing agencies are also popping up to help creators maximize the potential of their NFTs, and many of them are offering services such as NFT promotion, NFT sales, and web3 agency services.
Overall, the crypto market is looking very positive and the outlook is promising. With the U.S. macroeconomic data continuing to improve, the risk assets are likely to remain in high demand. Bitcoin could benefit from this trend and continue its upward trajectory, as long as the Jobless Report does not disappoint.
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.
