Bulls vs. Bears in a battle for control of CoinEdition
- Santiment’s February report shows that the cryptocurrency market started bullishly, but turned “boring”.
- Ethereum did well, but Solana’s community engagement declined.
- Bitcoin is struggling to break above $25,000, hovering near the 200-day MA with a potential pullback to $21,000.
Santiment’s February report highlights market trends in the crypto world. According to the report, the market began with a bullish trend but quickly became “dull” as Bitcoin and other top cryptocurrencies lost traction.
According to the report, Ethereum has been performing well, with the asset reaching new all-time highs in 2023, and network activity and transaction volume increasing. Meanwhile, Solana saw a decline in social volume, indicating a decline in community engagement. Binance Coin (BNB) saw a significant increase in trading volume, indicating strong investor interest.
According to the research, the majority of cryptocurrencies went through a bearish trend at the end of February. Bitcoin struggled to maintain its momentum before rallying +16.5% again, peaking on February 20 at just over $25,000.
BTC/USDT 4-Hour Technical Analysis (Source: TradingView)
Bitcoin’s 4-hour chart against USDT shows that the cryptocurrency has tried to surpass the $25k price level, but the bears have pushed it below this threshold, causing a downtrend. Despite this, BTC’s price is hovering near the 200-day MA, indicating market uncertainty and indecision about the future direction of the cryptocurrency.
Numerous investors predict a potential pullback to $21k, followed by a bullish run. This forecast can be realized if the current BTC price breaks through the 200-day MA and the support at $21,872.98.
As Bitcoin’s price continues to fluctuate, it remains to be seen whether it will rebound or experience a further decline. Traders and investors need to keep a close eye on the market and watch for any changes in the cryptocurrency’s movements in the coming hours and days.
Disclaimer: The views and opinions, as well as all information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at his own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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The post Bitcoin’s Rollercoaster Ride: Bulls vs. Bears in a Battle for Control appeared first on Coin Edition.
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