Decentral Block Post

Bitcoin (BTC) keeps pushing for a bullish end to February as the monthly close starts another week’s price action.

The largest cryptocurrency looks set to preserve its gains as it closes the second month of 2023 — and is keeping bulls’ hopes alive in the process.

Can the good times continue? The coming week could mean decision time for a key area of BTC price action around $25,000.

Analysts are eyeing a breakout toward $30,000 if support can become more permanent, while concerns nonetheless remain that a trip back towards resistance reclaimed in January is still on the cards.

Amid a quiet week for macroeconomic data, any catalysts for determining whether BTC/USD goes up or down may come from within Bitcoin itself.

Ukraine has received over $70 million in the form of cryptocurrencies since the start of the Russian-Ukrainian conflict, providing the nation with military equipment and humanitarian assistance.

The figures came from a Feb. 24 report by blockchain data platform Chainalysis, which found the majority of the funds to have come in the form of Ether (ETH) and Bitcoin (BTC).

ETH donors led the way with $28.9 million given, while donors of BTC and Tether (USDT) chipped in $22.8 million and $11.59 million respectively.

Donations have also come in the form of nonfungible tokens (NFTs), such as UkraineDAO’s auction of a Ukrainian flag NFT which sold for $6.1 million.

Around 80% of the total $70 million donated came in the first few months of the war, with the speed of cryptocurrency payments fast-tracking the country’s ability to respond to the Russian invasion, Ukrainian deputy digital minister Alex Bornyakov explained in an interview with Yahoo Finance UK on Feb. 24:

The cryptocurrency markets and the United States equities markets witnessed profit-booking this week as the macroeconomic data hinted toward continued rate hikes by the Federal Reserve. Bitcoin (BTC) is down more than 4% and the S&P 500 fell 2.7% to record its worst week of the year. 

The CME FedWatch Tool shows a 73% probability of a 25 basis points rate hike by the Fed in the March meeting but after the hotter-than-expected inflation readings in two weeks, the probability of a 50 basis point rate hike has started to slowly gain traction.

During periods of uncertainty, some coins enter a deeper correction while a few buck the trend and continue to outperform the markets. Hence, it becomes important to select the right coins to trade.

A few coins that have witnessed a shallow correction or have bounced sharply off the support have been selected in this list. Let’s see their charts and determine the levels to watch out for.

BTC/USDT

Bitcoin plunged below the 20-day exponential moving average ($23,391) on Feb. 24 but the bears could not build upon this advantage and sustain the price below the strong support at $22,800.