#Bitcoin is gearing up for February's monthly close, where price action is at a crossroads, but can the highs be maintained? The largest cryptocurrency, still above $50,000, has lost bullish momentum over the past two weeks. There is still hope for some to move higher, but as buyer pressure cannot overcome the selling appetite of some parties, an important question mark remains in everyone's mind.

Excitement is at its peak on the Bitcoin Front

The coming days are almost guaranteed to upset the status quo, but United States macroeconomic data will be coupled with a classic source of volatility in the form of a monthly candle close. The macro landscape is inherently unstable, with inflation exceeding forecasts recently leaving a question mark over the Federal Reserve's future actions and whether risk assets will benefit from a benchmark interest rate cut anytime soon.

For Bitcoin, the timing of this is particularly important given its internal dynamics as the next halving event draws ever closer. Bitcoin continues to trade in a narrow range throughout the second half of February following the weekly close.

What to Expect for BTC?

The recent close of $51,700 gave the bulls little inspiration, coming in around $450 lower than before, according to data from TradingView. Trade source Material Indicators shared the following statements on the subject via X:

"This is a red W close for Bitcoin with a new Trend Precognition signal. The signal is temporary until this new candle closes. I am waiting for confirmation but we have some wild cards with the US Economic Data on February 22 coinciding with the Monthly Close. More volatility as we get closer to the M Close we are waiting."

Some popular market watchers are more optimistic despite the sideways moves. Among them is social media expert Bitcoin Munger. The famous name included the following statements on the subject in a part of his last X post:

“Market makers now appear to be eyeing short positions that will be liquid at $53,000.”

Data from blockchain data analysis platform CoinGlass showed that BTC/USD was still up more than 20% in February.