Bitcoin (BTC) moved simply 0.03% final month in United State greenback phrases, making February 2023 probably its least unstable in historical past. 

Knowledge from Coinglass after the month-to-month shut confirms that BTC/USD went virtually nowhere for 4 weeks straight.


Bitcoin month-to-month candle barely leaves a hint

To say that Bitcoin is much less unstable than it was is one thing of an understatement in terms of February.

Regardless of its ups and downs, largely attributable to macroeconomic data, BTC worth motion completed the month virtually precisely the place it started at round $23,500.

That signifies that Bitcoin was stabler than a raft of mainstream property, together with shares, commodities and, in fact, main world currencies.

That is no imply feat for cryptocurrency, with Bitcoin usually criticized as a poor retailer of worth owing to its typically intense volatility.

Nonetheless, following January’s 40% gains, bulls held down the fort to protect each final satoshi versus the beginning of the month.

Greater than that, based on the Coinglass figures, no month has come near February 2023 when it comes to stability, making it the least unstable month on document.

Bitcoin month-to-month returns chart (screenshot). Supply: Coinglass

For the document, March has already modified the development, with BTC/USD up round 2.9% on the time of writing, as per information from Cointelegraph Markets Pro and TradingView.

BTC/USD 1-month candle chart (Bitstamp). Supply: TradingView

Bitcoin worth volatility: All will not be what it appears

When it comes to intraday strikes, in the meantime, the image on Bitcoin at the moment appears decidedly completely different.

Associated: BTC price needs to close February above 50-month trend line — Analysis

As Cointelegraph continues to report, change order books reveal a concerted effort to spark volatility from a number of the largest BTC merchants.

On Binance particularly, these “whales” have created a bid wall that has efficiently guided spot worth motion in what monitoring useful resource Materials Indicators calls “manipulated” markets.

“Bitcoin managed to shut February with a inexperienced Month-to-month candle, however IMO nothing for bulls to have fun,” it wrote in one in every of a number of latest tweets on the subject.

An accompanying chart sought to elucidate how whales try to affect worth motion.

BTC/USD order e-book information (Binance). Supply: Materials Indicators/Twitter

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