Feb 27, 2023
Bullish Bitcoin (BTC) Closes February with Price Action Pushing Toward $30K
As the month of February draws to a close, Bitcoin (BTC) is continuing to push for a bullish end to the month, with the largest cryptocurrency looking to preserve its gains and keeping the hopes of bulls alive. With the coming week set to be a decision point for BTC price action around $25,000, investors are looking to Bitcoin itself for catalysts that will determine whether the price will go up or down.
On-chain data shows that long-term Bitcoin hodlers are not selling yet, and at current prices, they are continuing to add to their BTC exposure. As the month of February comes to a close, traders are looking ahead to the month of March, which marks the real make-or-break month for BTC/USD as it approaches a long-term trend line, a break of which would signal a full trend reversal.
Analysts are also keeping an eye on macroeconomic data and central bank liquidity injections. China injected around $450 billion into money markets during December and January, while US liquidity has flatlined. The Federal Reserve is expected to hike benchmark interest rates more than expected at its March meeting, with market implied estimates currently favoring another 0.25% increase.
Meanwhile, sellers have seen their first week of net losses in 2023, with both Bitcoin and Ether (ETH) seeing more traders selling at a loss than at a profit. This could be a sign that a bottom is forming, and long-term holders are still adding to their BTC positions. Bitcoin miners are also doing well, with miner revenue at its highest in eight months due to the increased demand for ordinals.
Whale numbers are also at their lowest in three years, with only 1,663 unique entities controlling 1,000 BTC or more. While this may be keeping some investors away, clusters of whale transaction activity can still offer an insight into support and resistance, and $23,000 remains a key price focus this month.
Overall, the coming week could be a crucial one for Bitcoin, and investors are looking to the cryptocurrency itself for catalysts that will determine the direction of the price. With macroeconomic data releases expected to be more subdued at the start of March, investors are also keeping an eye on central bank liquidity injections and the Federal Reserve’s rate hike decision.
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.
