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Bitcoin returns above $40K – Will March be for the bulls?

The Month of February had just closed with solid bullish momentum for Bitcoin and altcoins once again, after a prolonged hiatus ranging below 40k for the past ten days. Feb. 17, digital bitcoin experienced a massive drop from its resistance of $44k down to the low at $34,750 following the news of a possible war outbreak between Russia and Ukraine. Bitcoin prices stayed below this region as a result of this, only for the bulls to reappear, closing the month positively above 40k.

Another reason for the intense volatility seen in the market today could also be an attribute of the growing adoption of Bitcoin as a payment method. Today, PayPal (PYPL) announced that it would soon allow its users and merchants to buy-sell, hold, and accept Bitcoin payments for daily transactions.

Similarly, altcoins too followed suit and printed green candles of their own as Bitcoin crossed above 40k again today. Ethereum prices, for instance, had made a 12% positive movement from its low of $2500 to a new high at $2900 and ranging above it.

Entering the month of March, Bitcoin begins trading above 40k and currently sits at $43000. The pertinent question which immediately comes to mind,

“Will the month of March be for the bulls?”.

Well, the months of March and October had historically been very positive months for cryptocurrencies, and this month might not be an exception. With the bulls gaining the upper hand early from the first day of March, it very much likely appears that this will play out to be another favourable period for Bitcoin and altcoins.

Above all, the bullish momentum expects to flourish throughout March based on the historical records. It can only materialize if a resolution is met on Sunday in Belarus during the proposed peace-talk discussion between Russia and Ukraine. Of course, if the two countries agree on a cease-fire and regress to mourn their losses, we can then expect this trend to sustain further into the month. Otherwise, the current momentum may exist for a shorter time before strong retracement begins to set in again.

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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