Can Bitcoin price recover in February?

Can Bitcoin price recover in February? On the last day of January, Bitcoin (BTC) recovered to more than $38,000. Indicating that selling pressure has subsided following the cryptocurrency’s difficult start to the year 2022.

Bitcoin has historically experienced positive returns in February, which may provide some encouragement to traders. Technical indicators suggest that short-term buyers may continue to be active. Around the $35,000-$37,000 support area, but that upside is limited to $45,000 or higher. Despite the recent surge in price, several analysts remain wary of bitcoin. Citing the Biden administration’s plans to draft an executive order in February to regulate bitcoin as a matter of national security as a reason for their reservations.

Because it is difficult to foresee whether the new laws will have a favorable or negative influence on the digital coin, the cryptocurrency market continues to be extremely volatile. Despite the fact that history indicates that bitcoin will post positive returns in February, the cryptocurrency may wind up sliding for a third consecutive month.

Bitcoin in February

bitcoin price recover in february
Bitcoin history chart: How has the price changed over time? (thesun.co.uk)

Bitcoin price recover in February. According to CoinMarketCap, from February 2009 and February 2018. Bitcoin generated an average monthly return of 12 percent on an annualized basis. With the highest monthly return occurring in February 2018. As the second month of the calendar year comes to a close, more than 85 percent of all cases result in a profit.

Investment in bitcoin focus funds increase by $22.1 million in a single week earlier this month. When the cryptocurrency market began to recover at the end of January and the beginning of this month. Investment in bitcoin has increased for the second consecutive week, according to data from CoinMarketCap. A total of $19 million was invested in cryptocurrency assets during the seven days. Leading up to the 28th of January, despite the industry seeing one of its worst beginnings to a year on record.

Leave a Reply

nineteen − ten =