Bitcoin Sets A New Record In February.
- Posted on February 6, 2024 10:34 PM
- Cryipto News
- 164 Views
Bitcoin managed to surpass $43,500 during the opening of Wall Street on February 5th, in response to the uncertainty in Chinese markets affecting U.S. markets.
Will there be a recession in China?
According to TradingView data, Bitcoin reached $43,515 on Bitstamp, marking a record high for Bitcoin in February.
The 8% single-day drop in China's CSI 1000 index has prompted officials to increase efforts to control short selling.
Trading source The Kobeissi Letter evaluated whether China is in a recession due to a disconnect between large and small-scale stocks.
X stated, "The Chinese market has lost $7 trillion in value over the past three years."
BREAKING: China places new trading restrictions on domestic and foreign investors as the CSI 1000 index hits a 30% loss YTD.
— The Kobeissi Letter (@KobeissiLetter) February 5, 2024
New restrictions include:
1. Limiting investors' ability to short Hong Kong stocks
2. Some investors told that they are not allowed to sell their… pic.twitter.com/QNK3OrwHas
However, GBTC outflows also remained at a low level compared to previous days. The downward trend continued to bolster investor hopes.
Today's #Bitcoin Sent to out by $GBTC/Grayscale comes out to be ~2.6K $BTC or ~115$M worth.
— Daan Crypto Trades (@DaanCrypto) February 5, 2024
Another big decrease from the most recent trading day on Friday.
Wanted to wait a bit for the next block to make sure it was indeed just this low amount. It seems like it is indeed just… https://t.co/Ul8pcB6e5B pic.twitter.com/1rOuf78oND
The $25,000 region is gaining new liquidity.
Keith Alan, the founder of Material Indicators, issued a warning regarding the BTC price as he analyzed the Order Book.
Alan noted that Bitcoin still has liquidity just below the spot price and suggested that a return to $42,000 could easily happen.
Highlighting an increase in liquidity around $25,000, Alan stated, "This doesn't indicate an immediate drop to that level, but it shows significant sensitivity to it."
In a video he shared, Alan said, "Is this placed here for a good reason or just as a potential wick? Time will tell. However, I'll be monitoring whether more liquidity flows into this range."
GM,
— Keith Alan (@KAProductions) February 5, 2024
In this #BTC analysis we'll look at candle charts as well as order book and order flow data in #FireCharts across time frames to give a clear view of where the signs of strength and weakness are in the chart.
So far, BTC has failed to print a full candle above the 50-Day MA… pic.twitter.com/BRzWdZU5yZ
Alan noted that it's likely for short-term price movements to reach $45,000 or higher.
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