The cryptocurrency market had an unanticipated event last week, which led to Bitcoin seeing a 12% daily increase and was not unexpected given that the pump's course is still short liquidation. Bitcoin had over $100 million in purchasing pressure from short traders, as seen by the record on coinglass showing that over $100 million of BTC shorts were liquidated.
Don't forget that Tuesday was a pivotal day for the cryptocurrency market because the CIP data for the month of January came in somewhat higher than many anticipated, which meant prices should have fallen. You should be aware that this is not what actually happened; instead, American officials discussed cutting off bitcoin from the banking system at a hearing.
Even though the PPI for the month of January came in higher than many anticipated, something more unexpected occurred last week. When the SEC declared that it will make it difficult for institutional investors to keep cryptocurrencies, the cryptocurrency markets surged as the stock markets crashed. There is only one explanation for this, and that is that the markets are being supported by the crypto whales.
This was demonstrated by on-chain data, which revealed that recently, about $1.6 billion USDC was sent to exchanges. Institutional investors may have considered buying the dip in light of the regulatory uncertainty, but this is unlikely given the current state of affairs. Also, the divergence between the cryptocurrency market and the stock market makes it less likely, yet there was real institutional intervention, as indicated by the correlation between the two markets.
Despite everything, big altcoins and BTC both appear to be overbought. The Bolliger band indication is being poked by the price of Bitcoin on the weekly chart, and you should be aware that every time this occurs, Bitcoin crashes the next week. You should be aware that BTC was also rejected based on the 50-week and 200-week moving averages. The monthly Bollinger band signal tells us a lot about when the bull run will begin because the price of bitcoin was higher during the bull run but lower currently during the bear market.
https://steemitwallet.com/~witnesses
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