The backdrop for the month’s end is a pivotal Bitcoin conflict, with a warning that the price movement “doesn’t feel bullish.”

BTC (bitcoin) a crucial trend line as the monthly closing finally happened on February 28.

Bitcoin “doesn’t feel bullish” into February close

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The U.S. dollar managed to avoid strengthening, and with American stocks flat, all eyes were on Bitcoin to hold onto its gains despite last-minute turmoil.

One of numerous tweets on the day from tracking resource Material Indicators read, “Would want to see more Bitcoin bid liquidity join the active trading range to boost the odds of closing the Monthly candle above the 50-Month Moving Average.”

“Volume has been weak, so at this stage doesn’t feel bullish.”

An accompanying chart showed BTC/USD bid and ask levels on the Binance order book.

The Federal Reserve’s upcoming decision on interest rate hikes was a significant macroeconomic event that occurred in March, according to Material Indicators. courtesy of the Federal Open Market Committee, this was due on March 22. (FOMC).

“Close above the 50-Month Moving Average = Bullish” Part of another article stated, “Close below $23,128 = Red and an invitation to retest crucial support levels.

“Close between the 50-Month MA – $23,128 = Green Monthly close and range to the next rate hike around the March 22nd FOMC meeting.”

While this was going on, Scott Melker, a trader and podcast presenter known as “The Wolf Of All Streets,” wanted a higher spot price and referred to the space above as “no man’s land.”

“Bullish breaker (red zone) currently serving as support. Still stuck between $21,473 and $25,212,” he said in reference to a graph showing target levels.

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All quiet on the macro landscape

Nevertheless, the U.S. dollar’s lack of movement on the day eliminated a potential concern for risk asset bulls.

The U.S. Dollar Index (DXY) plunged to multi-day lows after giving up gains from the previous week as it was unable to make a recovery.

On U.S. equities, the S&P 500 traded down 0.2% at the time of writing, while the Nasdaq Composite Index was stationary on the day.