- Santiment’s February report shows the cryptocurrency market started bullishly but became “boring.”
- Ethereum did well, but Solana’s community involvement declined.
- Bitcoin is struggling to exceed $25k, hovering close to the 200-day MA with a potential pullback to $21k.
Santiment’s February recap report highlights the market trends in the crypto world. According to the report, the market began with a bullish trend but quickly became “boring,” as Bitcoin and other top cryptocurrencies lost their traction.
As per the report, Ethereum has been performing well, with the asset reaching new all-time highs in 2023 and its network activity and transaction volume have been increasing. Meanwhile, Solana saw a decline in its social volume, suggesting a decrease 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 retain its pace before spiking back up +16.5% and peaked on February 20 at a little over $25k.
BTC/USDT 4-hour Technical Analysis (Source: TradingView)
Bitcoin’s 4-hour chart against USDT shows that the cryptocurrency has been attempting to exceed the $25k price level, but bears have been pushing it below that threshold, causing a downtrend. Despite this, BTC’s price is hovering close to 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 could come to fruition 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 must keep a close eye on the market and watch for any changes in the cryptocurrency’s movements in the coming hours and days.
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