In 2023, Can Bitcoin [BTC] Survive The March Chronicle?

(CTN News) – In the past few years, Bitcoin [BTC] has developed the habit of performing badly in March over the years, making it the second-worst month in terms of Bitcoin [BTC] performance after 2013.

Miles Deutscher, an analyst at Deutsche Bank, believes that although investors might have had a great start to the year with the first two months, they should keep a watchful eye on the red-loving month of November.

In spite of the trend, can the king coin disregard it?

During the first 30 days of the new year, the price of Bitcoin went on a 40% upswing. Although the king coin’s performance in the second month was not as impressive, it gained 6.71% in the last fourteen days, as reported by CoinGecko.

Therefore, does the technical outlook support a green continuation or would it result in a fallback?

It is possible that Bitcoin BTC could trend toward its performance ten years ago, based on the Exponential Moving Average (EMA). In this case, the 20-day EMA (blue) was above the 50-day EMA (yellow).

Even though the short- to medium-term might offer gain opportunities, the Relative Strength Index (RSI) remained neutral at 50.98.

Thus, the momentum at press time did not tend to support strong bullish or bearish sentiments.

Holders of the decade with strong will surpass…

As of the time of publication, on-chain analyst and Reflective Research co-founder Will Clemente had revealed that 10-year dormant addresses were more than the amount of bitcoin held on exchanges.

It may not be surprising, though, since it was unusual for long-term holders to suddenly exit their positions. In spite of this, short-term speculators were unable to weather the bear market.

Another on-chain analyst, Willy Woo, appeared unsurprised by the findings. Woo mentioned that Chainalysis projected that the number would rise to 3.7 million by 2030 based on the fact that 2.6 million BTC have not moved within the period.

The reasons for the unmoved addresses exceeding the holdings of the exchange may be related to the collapse of the FTX in November 2022. Santiment reaffirmed this, as both BTC and Ethereum’s [ETH] five-year exchange supplies dropped to their lowest levels.

Charles Edwards, a Bitcoin Quant Trader, tweeted that the January uptick was not an accident. As a result, he stated that the bull market had begun while giving his reasons for doing so.

A number of factors contributed to the unprofitability of miners, including macroeconomic changes. He emphasized, however, the halving effect in 2024, stating that:

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