Bitcoin price eyes $23K despite US dollar strength hitting 6-week high
Bitcoin (BTC) hit its highest in almost a week on Feb. 15 as "extremely positive" economic data boosted risk asset sentiment.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining 2.2% on the day to eye a reclaim of $23,000.
Analysts were already predicting volatility, with the latest economic numbers from the United States delivering a pleasant surprise.
Retail sales and the Empire State Manufacturing Index both surpassed market expectations, showing a more resilient economy despite restrictive policy at the Federal Reserve.
"Extremely positive numbers. Core Retail Sales and Retail Sales both smash expectations, while also Manufacturing Index more positive than expected," Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, reacted.
The figures followed the Consumer Price Index (CPI) print for January, which came practically in-line with expectations and provided only limited volatility as a result.
Bitcoin made a much bigger statement on the day, however, causing some to rethink their short-term perspective on the market.
"I was cleary wrong today with my expectations on lower TF, expecting some correction first. As mentioned: a reclaim of $22,3k is bullish to me and opens the road to 25k imo," popular trader Crypto Ed acknowledged in part of Twitter comments.
Fellow trader Skew meanwhile eyed $22,500 as an important zone for bulls to reclaim next.
"$22.5K was strong support & price consolidated above for 19days; reclaiming this level would be pretty bullish for BTC," an update on the 4-hour chart read.
U.S. equities were biding their time at the time of writing, meanwhile, with the S&P 500 still down 0.5% on the day.
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