Crypto Market Consolidates As February Comes To An End

With so much market volatility, staying on top of the news is essential. In this article, we look at the crypto market’s performance on the last day of February and analyze the factors that influenced its movement. We also discuss four altcoins that managed to post double-digit gains and provide a brief overview of the key takeaways.

Crypto Market Performance

The traditional market limped across the finish line, with the S&P, Dow, and Nasdaq finishing the last day of February in the red, down 0.3%, 0.71%, and 0.1%, respectively. Data provided by TradingView shows that Bitcoin (BTC) traded within a range between $23,300 and $23,800 throughout the day as neither the bulls nor the bears managed to take control of the price action to cause a noteworthy price change.

Kitco senior technical analyst Jim Wyckoff noted that the bulls still have the overall near-term technical advantage as a price uptrend is in place on the daily chart, but just barely. He warned that bulls have faded recently and must show fresh power soon to keep the uptrend alive and their technological edge.

According to analysts at Arcane Research, “Bitcoins’ momentum halted last week after failing to break through the $25,000 resistance” following a higher-than-expected PCE reading that resulted in the market readjusting its interest rate hike expectations for the March FOMC meeting.

Four Altcoins Rise While the Rest Consolidate

Overall, the altcoin market consolidated alongside Bitcoin on Tuesday, but four tokens in the top 200 managed to post double-digit gains in the face of adversity. Liquidity (LQTY) was the biggest winner, posting a gain of over 60%, followed by Aave (LEND), which gained over 20%. The other two tokens that posted double-digit gains were VeChain (VET) and Synthetix (SNX), which gained 12.3% and 11.3%, respectively.

Related Facts

• The SEC has taken enforcement action against several crypto-related entities.
• Mastercard has paused new crypto partnerships until conditions in the market improve.
• The next resistance level after $25,000 is $28,000.
• $25,000 is an important resistance area that has been held since August.
• Liquidity (LQTY) was the day’s biggest gainer, posting a gain of over 60%.

Key Takeaways

• The crypto market consolidated on the last day of February, with Bitcoin trading between $23,300 and $23,800.
• The bulls still have the overall near-term technical advantage but must show fresh power soon to keep the uptrend alive.
• The next resistance level after $25,000 is $28,000, and analysts expect the market to push in this direction in March.
• Four tokens in the top 200 managed to post double-digit gains in the face of adversity.

Conclusion

The crypto market was relatively quiet on the last day of February, with Bitcoin trading between $23,300 and $23,800 and the altcoin market consolidating. The bulls still have the overall near-term technical advantage but must show fresh power soon to keep the uptrend alive. The next resistance level after $25,000 is $28,000, and analysts expect the market to push in this direction in March—nevertheless, four tokens in the top 200 post-double-digit gains in the face of adversity.