Bitcoin Recovers And Whipsaws

It’s hard to believe that just a little over two months ago, $BTC.X and the broader crypto market experienced the single largest WTF moment in crypto history: FTX’s collapse. ๐Ÿ˜ฒ

When CZ Tweeted on November 6, 2022, that Binance would be offloading its entire $FTT.X stake, it triggered a swift collapse of the entire crypto market.ย 

Over a fifteen-day period, Bitcoin dropped from $21,300 to where it bottomed at $15,473 – a -27.36% drop.ย 

Fast forward to today, and Bitcoin has recovered all of the post-FTX losses andย hit a new 4-month high.ย 

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Will Bitcoin continue to push higher, or will selling pressure return? There are arguments for both sides, but we’ll tackle the long and short-term outlook analysts see for the broader cryptocurrency market in Friday’s Litepaper. ๐Ÿ‘€

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February Was Amazing

Historically, $BTC usually closes in the green in February. 2024’s Feb close brings the score to eleven bullish closes vs. three bearish closes since 2011. ๐Ÿ‘

However, despite the high number of bullish closes for February, its average performance is very ‘meh.’ But not this year.

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Bitcoin in March: A Data Dive into Historical Performances

Here are some interesting stats on how Bitcoin performed historically in March. ๐Ÿ“š

Bitcoin closed March in the green four times versus eight times in the red.
In the green months, Bitcoin showed off with an average percentage gain of +48.91%.
On the downside, the average percentage loss during the red months was -15.62%.

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