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Cryptocurrency expert Daan Crypto wrote in his last tweet that January, as a rule, cannot be called the "best month" for bitcoin. He backed up his claim with data showing that negative returns have occurred in 60% of cases since 2013.
Historically, January is not the best month for bitcoin: 60% of the months since 2013 end in negative returns.
We can also see that the percentage change on average in January is quite large. And up and down. Will January bring volatility back to the market?
Bitcoin has had a good period with an upward trend of 70% since the beginning of 2021, bringing the entire market to a total value of $2 trillion.
As the analyst noted, according to statistics, February was the month of bitcoin recovery:
BTC returned to the "Christmas range" between $ 16.7-16.9 thousand. The feeling of an even greater decline was false…
Pay attention to the area of 16.9-17 thousand, it has been rejecting the price for some time.
Cryptanalyst Ali Martinez believes that Bitcoin is trapped between two main obstacles:
Bitcoin is located between two significant walls of supply. One is worth $16,600, where 1.46 million addresses bought 915 thousand BTC, the other is worth $17,000, where 1.27 million addresses contain 730 thousand BTC.
A steady movement beyond this area is likely to determine the direction of the trend.
Given the rapid growth of bitcoin in recent years, most of the community believes that BTC will lead the breakthrough of the crypto market in the future. Given the limited issue of bitcoin, many investors buy it as a means of protection against inflation.
