Bitcoin reached the $99,500 mark on February 21, but failed to maintain it. This can be attributed to a lack of enthusiasm in derivatives markets following the rejection at $102,000 earlier this month.
Lack of momentum after $99,500 peak
Bitcoin hit $99,500 on February 21, but a lack of enthusiasm in derivatives markets prevented it from holding steady. The futures premium has not shown significant signs of growth since February 3, despite the rise from $95,500 to $99,500.
China's adjusted M1 monetary supply data
Investor optimism was briefly sparked by an increase in China's M1 monetary supply, though this was due to a change in methodology. However, credit growth in January signals economic stimulus.
Changes in Trump's administration
Despite the cancellation of Trump's crypto council, positive news from the US SEC came as it dropped charges against Coinbase. Meanwhile, the confirmation of a new Secretary of Commerce brings optimism for institutional bitcoin adoption.
Despite relatively low interest in Bitcoin, a favorable scenario for its long-term potential remains due to its inflation hedge and censorship-resistant characteristics.
