Altcoin Analysis: Green Rate in February: Bitcoin Finishing Positively for the First Time in Six Months

February 28, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Today is the last day of February, and for Bitcoin, there is another glimmer of hope on the horizon. The price of Bitcoin is positive for the first time in six months (at the end of the month). The price of Bitcoin started at $3,360 on Bitstamp in February. At the time of writing, Bitcoin stands at $3,800, almost $450 more.

You can clearly see this on the chart below. Each candle represents one month. The last candle, February 2019, colors green for the first time since July:

After months of red numbers, we can now finally write green figures again. But how does this turnaround come about?

Bitcoin (positive) in the news

Big American bank JP Morgan is experimenting with cryptocurrency

If you open the newspaper or watch the news on TV, the introduction of the JPM Coin is the reason for the turnaround of Bitcoin. According to many mainstream media Bitcoin benefits from the experiment of the American bank JP Morgan with its own cryptocurrency. This would increase attention for the cryptocurrency market and Bitcoin in particular.

Whether there is a direct link is, of course, to be doubted. JP Morgan primarily focuses on institutional partners with the JPM Coin.

SEC decides on Bitcoin ETF

The American shutdown is over, the Securities and Exchanges Commission can get back to work. This supervisor should soon make a decision about two applications for a Bitcoin ETF. That is a financial product, based on Bitcoin. Whether approval is made is not known, but a secretary of the SEC is in any case positive:

“Or do I think that someone [read: a company that makes an application] meets our conditions? I hope so, and I think so too, in the end.”

Samsung Galaxy S10 has a crypto wallet

The new flagship of Samsung has a way to store your cryptocurrency private keys anyway, and now it seems that the phone has its own wallet.

Technical indicators

In the technical analysis, there has also recently been some positive feedback. The Bitcoin price has been in a positive momentum since the beginning of February. For example, for the first time in a while, the Bitcoin price has been above the 100 days Moving Average. If Bitcoin holds that, then that is a positive signal.

What does March bring for Bitcoin?

The only thing what we can do is compare to previous years. We look at the price on the Bitstamp exchange, because a lot of data can be found there:

March 2018: Bitcoin decreases from $10,298 to $6,919.

March 2017: Bitcoin decreases from $1,190 to $1,067.

March 2016: Bitcoin decreases from $435 to $411.

March 2015: Bitcoin decreases from $252 to $243.

Okay, I’ll stop looking. Apparently for Bitcoin: March is not so positive. Let’s hope that Bitcoin will break this trend next month.

Author: Marko Vidrih

Charts via TradingView