- March 1, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
In dollar terms, BTC price action at the end of February versus the start was unlike any other month.
Bitcoin (BTC) moved just 0.03% last month in U.S. dollar terms, making February 2023 likely its least volatile in history.
Data from Coinglass from after the monthly close confirms that BTC/USD went practically nowhere for four weeks straight.
Bitcoin monthly candle barely leaves a trace
To say that Bitcoin is less volatile than it was is something of an understatement when it comes to February.
Despite its ups and downs, mostly due to macroeconomic data, BTC price action finished the month almost exactly where it began at around $23,500.
That means that Bitcoin was more stable than a raft of mainstream assets, including stocks, commodities and, of course, major world currencies.
This is no mean feat for cryptocurrency, with Bitcoin often criticized as a poor store of value owing to its sometimes intense volatility.
Nonetheless, following January’s 40% gains, bulls held down the fort to preserve every last satoshi versus the start of the month.
More than that, according to the Coinglass figures, no month has come close to February 2023 in terms of stability, making it the least volatile month on record.
For the record, March has already changed the trend, with BTC/USD up around 2.9% at the time of writing, as per data from Cointelegraph Markets Pro and TradingView.
Bitcoin price volatility: All is not what it seems
In terms of intraday moves, meanwhile, the picture on Bitcoin currently looks decidedly different.
Related: BTC price needs to close February above 50-month trend line — Analysis
As Cointelegraph continues to report, exchange order books reveal a concerted effort to spark volatility from some of the largest BTC traders.
On Binance specifically, these “whales” have created a bid wall which has successfully guided spot price action in what monitoring resource Material Indicators calls “manipulated” markets.
“Bitcoin managed to close February with a green Monthly candle, but IMO nothing for bulls to celebrate,” it wrote in one of several recent tweets on the topic.
An accompanying chart sought to explain how whales are attempting to influence price action.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
