On Wednesday, February 15, Bitcoin (BTC), the world’s most popular cryptocurrency, jumped more than 12 percent to get closer to $25,000 This caused a huge euphoria within the crypto space and BTC could be headed for a further rally in 2018.
The macro indicators are warnings and the hawkish Fed rhetoric is a drag. The BTC price has fallen by more than 4% in the last 24 hours and currently trades at $23,797. It has a market capital of $459 billion. Some of the most popular altcoins have also declined.

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Investors are wondering what the next steps for Bitcoin (BTC). Was yesterday’s price pump a dead cat bounce? Investors don’t have to worry yet, according to on-chain indicators. Ali Martinez, a popular market analyst, noted that data from IntoTheBlock shows that:
There is nothing to worry about! @intotheblock’s IOMAP reveals that Bitcoin created a crucial support barrier between $21,700 & $23,700. This is where 1.60m addresses purchased over 1.32 million $BTC. Notice that $27,000 is the next key resistance if this demand wall can hold #BTC.
Courtesy of IntoTheBlock
Bloomberg’s senior commodity strategist Mike McGlone explained why Bitcoin (BTC), has experienced 50% gains since the start of 2023. He stated that Bitcoin saw the largest discount compared to its 200-week moving mean at the end 2022. This is the top reason for the 1Q Snapback, but the global economic ebbing wave still looks unfavorable.
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Bitcoin and Equity Markets
Today’s drop in Bitcoin prices is due to a correction on Thursday for the top three Wall Street indexes. The Bitcoin’s Nasdaq Composite, a strongly correlated index (INDEXNASDAQ..IXIC), dropped by 1.78% to 11,855.

Fed officials propose larger rate increases at the FOMC meetings to curb stick inflation. This will likely draw attention away from risk assets such as Bitcoin.
Goldman Sachs stated in a note this week that the fight against high inflation was still ongoing and that there is still much work to be done by the Fed. It expects that the growth stocks will face greater challenges in the future.

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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

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