- February has been one of the best months for Bitcoin in terms of returns.
- Bitcoin’s price has been moving within a key range in the last few days.
- The positive seasonality of February, combined with favorable price patterns could be beneficial for the market.
As we start February, Bitcoin’s price has been active, recently rising from around $100k to $105k. This comes after Federal Reserve Chair Jerome Powell confirmed that U.S. banks can offer services to cryptocurrency customers.
This news has caused a lot of excitement, especially in the Bitcoin market. With February here, a month often known for strong Bitcoin performance, Powell’s statement could be a positive boost for the market.
Right now, Bitcoin is facing key price levels: the $106k mark is an important resistance level, while the $101k-102k price range is a key support. If Bitcoin can stay above these levels, there’s a good chance it could keep moving up through the month.
Typically, February brings solid returns, with Bitcoin averaging 15.66% gains in this month, and even higher returns in some years like 2017 and 2021. As analyzed by an expert, Bitcoin tends to experience its monthly low around the beginning of February.
On the other hand, in years where February closed negatively for Bitcoin, the lows tended to come later in the month, typically after the second week. If Bitcoin sets a new low after the middle of February, it may signal a bearish sign, so keep an eye on any dips during this time.
Bitcoin’s History of Strong February Closes
One thing that stands out about February is its track record of positive returns. Historically, 11 out of 14 Februaries have ended on a positive note, which gives February a 78.5% chance of closing in the green. This makes it one of the more likely months for Bitcoin to post gains.
If Bitcoin closes January above $100,000 (which is very likely), it would strengthen the likelihood of a bullish February, with the low likely happening early in the month. This would align with historical patterns, where the lows tend to happen before the end of the first week of February.
Related: Altcoins Surge as Bitcoin Holds Above $100K—Can SOL, $TRUMP, and XRP Keep Up?
Historically, only three years (2017, 2022, and 2023) have seen the low come after the first week—which makes the case for an early-February low even stronger this time around. If Bitcoin starts an upward trend, the bulls will aim to break the all-time high at $109,114.
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