Bitcoin is set for a bullish end to February, with China helping it.
According to the Cryptocurrency Screener Cryptovizorwhich determines the market price of BTC/USD based on the results of trading on the largest spot exchanges, the asset ended the week at $23,055. At the time of publication, the bitcoin rate was $23,704.
Trader Rekt Capital reminded that the closing of the monthly candle is nearing. He surethat to break through the current downtrend, Bitcoin needs to break through $25,000.
His colleague Crypto Chase singled out as a critical level of $22,700. From his point of view, maintaining this support will ensure a trip above $25,000, and a loss – a drop to $20,000.
With them solidarity and the head of trading firm Eight Michael van de Poppe (Michaël van de Poppe), with the only amendment that the main level that the bulls must protect is $ 22,800.
Macroeconomics: Increasing Attention to China
Despite some deterioration in US macroeconomic indicators, the likelihood of an increase in the key rate by 0.5% in March instead of 0.25%, as it was in February, is still not high, according to FedWatch (27.7% versus 72.3%).
Economic Analyst Tedtalksmacro notedthat bitcoin is holding up well, unlike tech stocks that are dropping following a decline in US Treasury yields.
In addition, he argues that China is becoming increasingly important in terms of available liquidity. “According to forecasts, global liquidity will grow in 2023,” — wrote Tedtalksmacro and added:
During December and January, China pumped $450 billion into the money market. Liquidity in the US remained unchanged, the government has more money than the Fed has withdrawn from circulation. Markets are the product of liquidity multiplied by risk appetite.
There is no doubt that bitcoin is exactly the risky asset that can absorb free liquidity.
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