Bitcoin (BTC) confronted a showdown with a key pattern line on Feb. 28 because the month-to-month shut lastly arrived.

Bitcoin “doesn’t really feel bullish” into February shut

Knowledge from Cointelegraph Markets Professional and TradingView confirmed BTC/USD circling an space round $23,500 on the Wall Road open.

With United States shares flat and the U.S. greenback avoiding a return to power, eyes had been on Bitcoin to protect its beneficial properties via last-minute volatility.

“Wish to see extra Bitcoin bid liquidity enter the energetic buying and selling vary to extend the possibilities of closing the Month-to-month candle above the 50-Month Transferring Common,” monitoring useful resource Materials Indicators wrote in one in every of a number of Twitter posts on the day.

“Quantity has been weak, so at this stage doesn’t really feel bullish.”

An accompanying chart confirmed BTC/USD bid and ask ranges on the Binance order ebook.

Materials Indicators famous that the month of March held a key macroeconomic occasion within the type of the Federal Reserve’s subsequent determination on rate of interest hikes. This was due on March 22 courtesy of the Federal Open Market Committee (FOMC).

“Shut above the 50-Month MA = Bullish Shut beneath $23,128 = Crimson and an invite to retest key help ranges,” a part of one other submit continued.

“Shut between the 50-Month MA – $23,128 = Inexperienced Month-to-month shut and vary to the subsequent fee hike across the March twenty second FOMC assembly.”

Scott Melker, the dealer and podcast host often called “The Wolf Of All Streets,” in the meantime, demanded extra of spot value, calling the realm instantly above “no man’s land.”

“Bullish breaker (purple zone) holding as help in the meanwhile. Nonetheless in no man’s land between $21,473 and $25,212,” he commented on a chart displaying goal ranges.

All quiet on the macro panorama

A scarcity of route within the U.S. greenback, in the meantime, eliminated a possible headache for threat asset bulls on the day.

Bitcoin exchanges now personal 16% much less BTC than the oldest hodlers

The U.S. Greenback Index (DXY) spiked to multi-day lows because it did not mount a comeback after giving up beneficial properties from the week prior.

On U.S. equities, the S&P 500 traded down 0.2% on the time of writing, whereas the Nasdaq Composite Index was stationary on the day.

The views, ideas and opinions expressed listed here are the authors’ alone and don’t essentially replicate or characterize the views and opinions of Cointelegraph.