(Kitco News, Fri. Feb. 17th, 2023) – It was a mixed day in the crypto market as Bitcoin (BTC) climbed to its highest price since June while the broader altcoin market saw pullbacks in some of the top performers from recent weeks as other tokens surged higher.
Stocks, on the other hand, saw declines across the board as the extra time that investors have had to evaluate Tuesday’s hotter-than-expected CPI report and a more hawkish tone from Federal Reserve representatives drained the momentum out of the market. At the closing bell in the U.S., the S&P, Dow and Nasdaq all finished the day lower than they started, down 1.38%, 1.26% and 1.78%, respectively.
Data from TradingView shows that Bitcoin bulls managed to extend yesterday’s rally into the afternoon on Thursday, propelling the top crypto to a daily high of $25,260, its highest price since June 13. At the time of writing, BTC is trading near support at $24,500.
BTC/USD 4-hour chart. Source: TradingView
The outlook for BTC continues to improve, with March Bitcoin futures prices hitting a new contract high in early U.S. trading on Thursday, according to Kitco senior technical analyst Jim Wyckoff, who noted that “Bulls have regained the firm overall near-term technical advantage, to suggest more price gains in the near term.”
Cryptocurrency market analyst Rekt Capital highlighted a positive development on the Bitcoin chart as the top crypto looks poised to break out of the macro downtrend that it has been stuck in since late 2022.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com