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Bitcoin Set for First Positive Month Since July 2018

February 28, 2019 at 22:29 by Matt Jackson

Bitcoin prices, which rose above $4,200 earlier in the week before dipping back to $3,600, have risen 2% over the space of the day and look likely to end the month just above $3,800.

Analysts warn that volume is still a concern, pointing to the fact that the currency’s failure to rise above $4,000 points to a lack of demand from dip buyers. However, one location where volume hasn’t been a concern is in London, where exchange BitMex has reported trading volumes of $65m per day, every day, over the past three months; a significant increase over earlier months.

Reports also indicate that a large portion of the top 100 Bitcoin wallets have increased their holdings in the past two months and that balances from smaller wallets have been transferred to larger ones – these are all signs that whales are ready to go big on Bitcoin and may signify an upcoming price increase.

Some analysts agree that a positive move could be on the cards, stating that if prices can rise above $3,900 then they are likely to continue above $4,200. Investors will be wary of celebrating too soon, as BTC prices rose above $4,200 earlier in the week, only to fall more than 10% in a matter of minutes. Bitcoin investors are exposed to high levels of price volatility, which has given rise to significant profits in the past but, more recently, has led to hefty losses for a lot of investors left holding the cryptocurrency.

There has been some hope of a resurgence in the prices of the faltering cryptocurrency, however. Bitcoin opened the month at $3,434 and looks set to end February at $3,800, which would represent the first green month after six months of losses. February is traditionally a strong month, having posted positive results in the past four years.

While March has proven a challenging month for the cryptocurrency, hopes are high that 2019 could be set to buck this trend and provide further price advances.

Bitcoin (BTC) is trading at $3,802.55 at 22:00 GMT. In other major cryptocurrencies, Ethereum (ETH) is trading at $137.00 while Litecoin (LTC) is $46.57 and Ripple (XRP) is trading at $0.31 and EOS at $3.56.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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