Challenging March for Bitcoin
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Loading... - Sabine Fritz
- 01 Mar 2023
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Market picture
Bitcoin ended February slightly higher (+0.9%, to $23,200). March is off to a buying start, pushing the price up to $23.7K at the time of writing.
March is considered an unpromising month of the year for the top cryptocurrency, having fallen in eight of the last 12 years with an average decline of about 15%, an average gain of 16%.
The strong growth momentum in January and the renewal of local highs in February suggest that the bulls prevail. At the same time, the technical picture on the weekly timeframe suggests that only a consolidation above $25K will strengthen the bullish view of the market.
Bernstein noted that cryptocurrencies' correlation with the US stock market and macroeconomic events is weakening amid BTC's current flat move, which is a bullish signal. Read More..
