Bitcoin’s Least Volatile Month Ever? BTC Price Ends February Up 0.03%
Bitcoin (BTC) moved just 0.03% last month in US dollar terms, making February 2023 likely the least volatile in history.
Data from Coinglass after the monthly close confirms that BTC/USD went virtually nowhere for four straight weeks.
Bitcoin monthly candles barely make a mark
To say that Bitcoin is less volatile than it was is something of an understatement come February.
Despite ups and downs, mainly due to macroeconomic data, BTC price action ended the month almost exactly where it began at around $23,500.
That means Bitcoin was more stable than a number of mainstream assets, including stocks, commodities and, of course, major world currencies.
This is no mean feat for cryptocurrency, with Bitcoin often criticized as a poor store of value due to its sometimes intense volatility.
Still, after January’s 40% rally, bulls held down the fort to preserve every last satoshi versus the start of the month.
More than that, according to Coinglass figures, no month has come close to February 2023 in terms of stability, making it the least volatile month on record.
For the record, March has already reversed the trend, with BTC/USD up around 2.9% at the time of writing, according to data from Cointelegraph Markets Pro and TradingView.
Bitcoin Price Volatility: All is not as it seems
However, when it comes to intraday movements, the picture on Bitcoin currently looks completely different.
Related: BTC Price Must Close February Above 50-Month Trendline — Analysis
As Cointelegraph continues to report, exchange order books reveal a concerted effort to stoke volatility from some of the biggest BTC traders.
On Binance in particular, these “whales” have created a bid wall that has led spot price action in what monitoring resource Material Indicators calls “manipulated” markets.
“Bitcoin managed to end February with a green monthly candle, but IMO nothing for bulls to celebrate,” it wrote in one of several recent tweets on the subject.
An accompanying diagram attempted to explain how whales try to influence price action.
The views, thoughts and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
