Bitcoin supporters have called it the start of another bull run, while a few analysts believe it is a bear trap.
Bitcoin
BTC
tick down
$23,358
it hit a six-month high of $24,800 on February 16, posting a two-quarter 15 percent gain.
The rise in the price of Bitcoin in one day surprised many, as February has been the most eventful month in the history of the top cryptocurrency. BTC rose $1,820 in one day, making it the greenback’s biggest day for the cryptocurrency in six months.
Many people attribute the increase in the price of BTC to a number of factors, including the increase in the value of the dollar and the decrease in prices. On-chain data shows that the recent price increase can be traced back to a mysterious fund that started pouring money into the crypto market on February 10th.
According to data from Lookonchain, about $1.6 billion of institutional money has flowed into the crypto market in the past six days. Most of the $1.6 billion flowed from stablecoins, specifically USD coins issued by Circle.
USDC
tick down
$1.00
. The investor first withdraws his USDC from Circle and then sends it to various exchanges.
There were three wallets with money through Circle to different accounts. First, a wallet address starting with “0x308F” withdrew 155 million USDC from Circle and transferred it to other countries since February 10th. Another wallet address that started with “0xad6e” withdrew 397 million USDC from Circle and sent it to different countries. third. A wallet starting with “0x3356” withdrew 953.6 million USDC from Circle and sent it to exchanges at the same time.
Bitcoin price rises just days after the top cryptocurrency hit its first weekly death cross. A death cross appears on a chart when an asset’s short-term moving average, usually 50 days, crosses the long-term moving average, usually 200 days. Regardless of the nature of the sample, the death cross has been followed by above-average short-term returns in recent years.
The crypto community reacted differently, with Bitcoin supporters calling it the start of another bull run. Commenting on the price rally, Samson Mow said: “BTC price is still below the 200 WMA which is 25,000. Bitcoin trading below the 200 WMA is difficult. Bitcoin price falls in each of its major market cycles historically around the 200 week moving average some have called the recent price as a bearish warning that the big players are making money.
