Crypto News: Bitcoin lines up an encouraging monthly close ahead of key March showdown


	View in browser

Bitcoin lines up an encouraging monthly close
ahead of key March showdown

"Why trust others to not debase your money when you can now choose a money that requires no trust in others?"

— Joe Burnett

Welcome to the Cointelegraph Markets weekly newsletter, where we look at the influential factors behind Bitcoin price action for the days ahead.

BTC price analysts are gearing up for the second monthly close of 2023, and after the weekly delivered a solid bullish message, hopes for March remain high.

Despite facing hurdles, Bitcoin has managed to preserve its year-to-date gains through February and, at the time of writing, is still marginally higher than its monthly starting position.

How will the coming week pan out? Opinions are as varied as ever, and with an absence of major macroeconomic data releases, cues may need to come from elsewhere.

The situation is somewhat precarious when it comes to sentiment, with last week seeing 2023's first net losses from sellers despite only modest price decreases.

At the same time, hodlers continue to increase BTC exposure — albeit, in the absence of whales.

Cointelegraph takes a look at these factors and more as February 2023 draws to an end and Bitcoin lines up a major reckoning with its bear market downtrend.

Continue reading to discover five things worth considering in the coming week of BTC price action.

Spot price keeps $25,000 in play

Bitcoin delivered to close last week above $23,500 — with short-term bullishness intact.

What's really interesting, however, is how BTC/USD will tackle March and its macro downtrend, trader and analyst Rekt Capital says.

$25,000 is the major focus on the immediate horizon — along with the resistance cloud it represents.

Liquidity games

Central bank liquidity is becoming a major topic of interest for crypto.

With little by way of data due from the United States this week, injections from China form the focal point of an emerging new macro narrative.

Meanwhile, a modest uptick in U.S. stocks and bonds means Bitcoin is falling behind again.

Hodlin' on

After "massive accumulation" became evident in January, hodlers continue to up their exposure.

The supply also keeps maturing, with over 28% now dormant for five years or more — a new all-time high.

Those selling, however, realized their first week of combined net losses in 2023, data shows.

Miners see modest relief

It's slowly getting better for Bitcoin miners, whose revenue has now hit eight-month highs thanks in part to ordinals fees.

Miners' rolling 30-day net position change is also positive again — but only by a hair.

The latest data follows new all-time highs for both Bitcoin hash rate and difficulty this weekend.

Whale numbers down over 20%

Compared to their height in February 2021, there are 23% fewer Bitcoin whales this year.

Such numbers were last seen before the March 2020 crash and possibly reflect reduced interest in the Bitcoin market at current prices.

Whales are not without their traces, though, as evidenced by exchange order books.

Breakthrough crypto indicator delivers 82% average gains

Imagine an AI-powered indicator that figures out how likely it is for a coin to rally in price. Furthermore, imagine this same technology at your fingertips — feeding you real-time data on potential breakouts every single day. Well, you don't have to imagine any longer. Because this breakthrough already exists as part of Cointelegraph Markets Pro. It's called the VORTECS™ score. Last year, strategies based on this indicator averaged +82% gains.