February – Bitcoin Market Digest

26 February, 2021

Bitcoin’s price retreats to $45K from the recent high at $52K. It seems that the price of Bitcoin would further test the $40K mark. If this case occurred, a approximately 30% pullback from the all-time high will be crucial to the investors as it is a battle point for both bulls and bears. Therefore, Bitcoin’s price is expected to go down in the short term.  

25 February, 2021

The price of Bitcoin started to move relatively steadily after a sharp correction from the all-time high yesterday. A new support level for Bitcoin’s price from $45K-$$48K can be seen in the 4H chart above. As the bulls remain optimistic toward Bitcoin, and the bears no longer dominate the market, it is believed that the next bull run is coming in the near future.

24 February, 2021

Bitcoin’s price has been volatile after hitting a record high at $58,354 three days ago. A nearly 25% pullback from the historical seems not surprised among the Bitcoin holders, yet it can be seen as a healthy correction for the bull run. The price of Bitcoin stopped dipping after reaching around the $45,000 mark. Therefore, a bottom-out consolidation ranging from $45K-$50K begins for Bitcoin is expected, Bitcoin remains bullish as before.     

23 February, 2021

The price of Bitcoin has dropped more than 10% in value after Yellen’s remarks. Bitcoin’s price is testing $48,000 the crucial support level at the time of writing. It is a nearly 18% dip in price after setting the record high at $58,354 two days ago. However, it is considered a healthy correction that investors conduct profit-taking to adjust their portfolio balance. Therefore, Bitcoin remains bullish yet a short-term consolidation is expected.       

22 February, 2021

Bitcoin’s price had reached a record high at $58,354 yesterday, yet the market sees $60,000 per Bitcoin is about to come to pass. However, a correction may occur for Bitcoin’s price caused by Elon Musk’s “seems high” statement on Bitcoin. Therefore, a pullback to $52,000 is expected before a further running towards the $60,000 mark.     

19 February, 2021

Bitcoin has kept outperforming in return among the major markets of the global. Bitcoin’s price has soared nearly 80% from the beginning of the year. The recent price movement shows that a new consolidated foundation around $45K-$50K has formed for Bitcoin. People start to believe that the support level at $35K is no longer a valid mark. Bitcoin seems to reach $55K or even higher in the near future as more giant investors have stated confidently in Bitcoin investment.   

18 February, 2021

BlackRock, Inc. might cause Bitcoin’s price to soar to an all-time high at $52,630 yesterday. BlackRock, Inc. an American investment corporation that stepped into the crypto market. They haven’t released many details of what percentage of its portfolio into crypto, yet it provided enough fuel for Bitcoin to soar in price. Therefore, the view of BItcoin continues to go bullish as more giant exchange-listed corporations may join Blackrock and Tesla’s step. 

16 February, 2021

The price of Bitcoin failed to break the $50,000 as a psychological barrier this morning. Despite most BTC holders accumulating their coins, there still are some long-term investors trying to take profits. It will slightly increase the difficulty of quickly breaking through. Therefore, BTC wrapping around $50,000 resistance for two more days was very likely to occur.

10 February, 2021

The price of Bitcoin is approaching $50,000 caused by the announcement of Tesla acquired 1.5 billion worth of Bitcoin. The crypto market is soaring insanely lately as a brand new payment is backed by Tesla through accepting Bitcoin as payment. Bitcoin sees more than $50,000 mark is generally becomes a consensus among the public, therefore, the bull run looks on going.         

09 February, 2021

Bitcoin soared more than 20% in price reaching $46,411, the all-time high after Tesla announced that they had bought $1.5 billion worth of bitcoin, and plans to accept it as payment. Elon Musk may try to form a new cryptocurrency payment system and Bitcoin seems the first step of the plan. The markets have been encouraged to keep pushing Bitcoin’s price higher as it could fundamentally change the way of payment in the future.     

08 February, 2021

Bitcoin‘s price keeps rallying after a 9% correction from $40,997 to $37,391. It is trading above $39,000 at the time of writing on BTCC. Bitcoin as the lead of the crypto market has shown Its value to the public as the old financial system has rotted and degenerated and has been the main villain amid the GameStop saga. Therefore, it is a foreseeable future that the public individual moves their assets partially towards the crypto market as a hedge to the old financial system. Bitcoin as the lead of the market will benefit from it in the long term.

05 February, 2021

The price of Bitcoin is struggling to break out above $38,000 during the past six days. In contrast, the upcoming CME ETH listing event on Feb. 8 is likely to surge institutional investor’s appetite for ETH. Therefore, the recent outperformance by Ether could have been fueled by top traders reducing BTC exposure. Bitcoin’s sideways movement is considered temporary. ETH listing on CME is expected to benefit both Bitcoin and Ether for the long term. 

04 February, 2021

Bitcoin’s price has just surpassed $38,000 at the time of writing. The mark of $40,000 is likely to be reached in the short term. Bitcoin will continue its bullish push towards $50,000 as investors move funds out of gold and into the digital asset, according to Bloomberg senior commodity strategist Mike McGlone. Moreover, If we compare the price movement between Bitcoin and Gold lately, it is clear that the investors are more interested in Bitcoin rather than Gold as a hedging tool against inflation. Therefore, we expect the price of Bitcoin is going to march towards $40,000 or even further.     

03 February, 2021

The price of Bitcoin has broken the $35,000 mark after the ‘Elon Musk pump’ for 3days. Meanwhile, data from CryptoQuant, an on-chain analytics firm, shows that the amount of Bitcoin and Ether held on exchanges dropped to the new low. The rise of Defi and yield farming can explain where these top cryptocurrencies went to. It could relate this phenomenon to a positive effect on Bitcoin’s bull run.      

02 February, 2021

Bitcoin’s price is sideways after the ‘Elon Musk pump’. According to the data from Coinbase, there are Bitcoins that keep outflowing from their exchanges. It appears to be providing a certain level of support for the price of BTC as the available supply continues to be locked away in cold custodial wallets. Therefore, a drop in circulation of Bitcoin among exchanges seems to indicate a bullish trend for Bitcoin.     

01 February, 2021

The price of Bitcoin is showing overall weakness as it struggles to establish $34,000 as a support level. Some investors start to worry about Bitcoin’s price falling into a bull trap after ‘Elon Musk pump’. However, the price has found strong support at the $32,000 level while rallied rapidly after reaching the 240-day simple moving average. Therefore, it is expected that Bitcoin is still on the bullish trace.

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