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Bitcoin Maintains a Positive Short-term Outlook

Cory Russell

Feb 24, 2023 15:02

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Industry Snapshot

On Wednesday, Bitcoin ended below $24K for the first price in eight days. But on Thursday morning, investors took control once more, driving the currency up to $24.4K. In response to declining market benchmarks, Bitcoin experienced pressure on Tuesday and Wednesday. The slide came to a halt last night, which enabled the cryptocurrency market to recoup some of its loses and return to $1.11 trillion in total capitalization.


The monthly link between bitcoin and the S&P 500 has, interestingly, dropped to its lowest point since 2021, according to Bloomberg. And it was clear how long cryptocurrencies had disregarded the fall in equity prices.


Our opinion is that these markets continue to be linked and that they only "hear" each other's whispers when they become clear and persistent. Less obvious patterns are viewed as noise that has been sorted out.


The most recent downward momentum was halted at 61.8% of the upward momentum from last week's lows, suggesting that there is still space for further gains in the short-term momentum of bitcoin. Without the stock benchmarks' significant downward trend, bitcoin still has a chance to challenge the 25,000 level before the week is over. It might get there if it makes such persistent efforts to ascend higher.

Historical Events

The Department of Financial Services (NYDFS), New York's financial supervisor, has declared an upgrade to its tools for keeping an eye on illicit coin activity among its controlled companies, and as a result, it is ramping up its supervision of the crypto market.


On February 28, the Shanghai-Capella (Shapella) upgrade will be released to the Sepolia test network by the Ethereum team. This upgrade will be released after The Merge and will permit validators to take money out of blocks. The hardfork will first be tried on the Goerli network after Sepolia and then deployed on Mainnet (possibly in March).


A collaboration between the Binance exchange and credit card provider Ingenico will enable stores in France to begin taking cryptocurrency purchases. Later, the initiative will be expanded to include Italy, Lithuania, Spain, Cyprus, Poland, and Sweden, as well as other European nations where Binance holds operating licenses.


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