Bitcoin (BTC) moved just 0.03% last month in US dollar terms, making February 2023 likely the least volatile on record.
Data of purse since after the monthly close confirms that BTC/USD went virtually nowhere for four weeks in a row.
Bitcoin’s monthly candle barely leaves a trace
To say that Bitcoin is less volatile than it was is an understatement when it comes to February.
Despite its ups and downs, mainly due to macroeconomic data, BTC’s price action ended the month almost exactly where it started, around $23,500.
That means Bitcoin was more stable than a number of major assets, including stocks, commodities, and of course, the world’s major currencies.
This is no mean feat for cryptocurrencies, as Bitcoin is often criticized as a poor store of value due to its sometimes intense volatility.
Nonetheless, following January’s 40% gains, bulls were adamant to preserve every last satoshi against the start of the month.
More than that, according to Coinglass figures, no month has come close to February 2023 in terms of stability, making it the least volatile month on record.
For the record, March has already turned the tide, with BTC/USD rising around 2.9% at the time of writing, according to data from Cointelegraph Markets Pro and TradingView.
Bitcoin price volatility: all is not as it seems
Meanwhile, in terms of intraday movements, the picture for Bitcoin currently looks decidedly different.
Related: BTC Price Should Close February Above 50-Month Trend Line: Analysis
As Cointelegraph continues to report, the exchange order books reveal a concerted effort to spark volatility by some of the largest BTC traders.
On Binance specifically, these “whales” have created a wall of deals that has successfully guided spot price action in what material monitoring resource indicators call “rigged” markets.
“Bitcoin managed to close February with a green monthly candle, but nothing for the bulls to celebrate in my opinion,” he said. wrote in one of several recent tweets on the subject.
A attached graph sought to explain how whales try to influence price action.
The views, thoughts, and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
