The first green BTC candle in 8 months: did investors start buying an asset?

For the first time in eight months since July 2017, Bitcoin has recorded a green monthly candle on its 1-month price chart. In technical analysis, a green monthly candle materializes when the price of an asset, in this case, Bitcoin, ends the month higher than its price at the beginning of the month.

On February 1, Bitcoin opened its monthly candle at $3,413. On February 28, the dominant cryptocurrency closed the candle at $3,791, up more than $300. On Thursday, CCN reported that Square, the $33.59 billion payments giant operated by Twitter CEO Jack Dorsey, processed $52.4 million in Bitcoin purchases in the last quarter of 2018.

The settlement of over $166 million in Bitcoin sales by Square and the inflow of over $359.5 million into Grayscale’s cryptocurrency investment vehicles have shown a gradual increase in both retail and institutional demand for Bitcoin throughout the past several months. While analysts remain cautiously optimistic in the price trend of Bitcoin and expect several months of consolidation before it begins to demonstrate a strong price movement, the sentiment in the cryptocurrency market has noticeably improved in recent months.

Bitcoin and the rest of the cryptocurrency market are still deep in a 15-month bear market and until key resistance levels are broken, a low level of volatility in a low price range is expected. Some traders including former International Monetary Fund (IMF) economist Mark Dow have said that until Bitcoin reaches the $5,000 to $6,000 range, it remains highly vulnerable.

HomeBitcoin AnalysisBitcoin Lights First Green Monthly Candle in 8 Months: Has Accumulation Begun?, CCN, Mar 01