Bitcoin (BTC)Crypto News

Buy Bitcoin BTC as the lows keep getting higher

The bearish momentum of 2022 came to an end and the cryptocurrencies turned bullish in early 2023, posting some decent gains in January as the USD declined while risk sentiment improved. Bitcoin peaked above $25,000 last month, although buyers failed to sustain gains above that level and buying pressure eventually eased.

The price retreated as USD buyers returned last month and risk sentiment began to deteriorate on better economic data out of the US. This would be positive for risk in normal times, but for now it means the Fed will continue to raise interest rates, which could ultimately harm the global economy.

Although cryptocurrencies have held up better than other risky markets over the past month and continue to make higher lows. In the first half of February, BTC/USD declined after hitting $24,000, but the lows remained above $20,000. Now, after pulling back above $25,000, BTC holds above $22,000. The price held around the 200 SMA (purple) again on the H4 chart and now BTC has surged above $23,000.

Bitcoin H4 Chart – Buyers are coming back after the retreat

Buy Bitcoin BTC as the lows keep getting higher, Crypto Trading NewsBitcoin’s lows are not far below the 200 SMA

We’ve heard that bitcoin bulls have placed most of their options at $24,500 or higher for options expiration on March 3rd. However, regulatory pressure on the crypto sector increased and while no effective measures were announced, investors became cautious and reacted to comments from policymakers.

The tightening stance of the macroeconomic and crypto-regulatory environment prompted investors to reconsider their exposure to cryptocurrencies, and as a result, bitcoin’s price decline all but wiped out bulls’ expectations for options expiry of $24,500 or higher on March 3. As such, their bets are unlikely to pay out as the deadline nears. We have one day left and might see a bounce, but BTC would need to gain more than $1,000.


Source: Crypto News Deutsch

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button