Bitcoin’s intraday highs of $41,284 are a strong sign that it is moving in February. Bitcoin has recorded its largest green candle since February 4, when it reached highs of $41,760.
The price action for Bitcoin has been uneven in February. It dropped to $34,424 on February 24th. This represents a nearly 9% increase on the previous day. Prices dropped to $37,468 at the bottom before rising. Despite mixed price action, Bitcoin is still up 7.08% for February. In a recent interview, CEO Jamie Iannone stated that major e-commerce platform eBay may soon integrate crypto payments.
Altcoins saw a rebound along with BTC, posting gains of between 2% to 10%. According to Coinmarketcap, Terra (LUNA (+10%), Safemoon, SAFEMOON (+15%), Nucypher, NU, +15.51% have all seen significant increases in the past 24 hours.
Two Factors that may boost the BTC price
Michael van de Poppe, Cryptoanalyst believes that Bitcoin prices could continue to rise. He said, “A strong Bitcoin move here.” It looks like the future holds upside “. There are two other factors that could boost Bitcoin’s price in the short- to medium-term.
Bitcoin to hedge against inflation
Inflation expectations have often been linked with cryptocurrency price increases. Compound Capital Advisors founder and CEO Charlie Bilello tweeted that the Fed’s balance sheets have reached another record at $8.93 trillion. This is more than twice the amount of the previous two years, as the Fed continues to buy bonds. Inflation in the United States also reached a new 40-year high during this month.
Retailers accumulate
Glassnode , an on-chain analytics company reports that most Bitcoin wallet cohorts have reached net accumulation. Smaller holders are the most aggressive. Retail investors are buying Bitcoin tokens at a discount, despite the current market volatility regarding short-term price action.
Santiment, a firm that analyzes on-chain transactions, reported earlier massive Bitcoin accumulation by whales. This occurred when Bitcoin was at its lowest point of $34,322. It also noted the largest number of transactions exceeding $100,000 and $1,000,000 since Jan. 24, 2018.
