As I mentioned in my last chart, BTC needs to close last week's candle above 19.5K to keep its January trend going. It closed well above that at 22.5K for the week, and so continues its upward trend. The bulls broke through on the macro events surrounding SVB, fear of bank runs and stablecoin depegging. Buying is coming from the realization that BTC and crypto provide the solution.
Hopefully something positive will come out of the situation with SVB... the realization that crypto, NFTS and blockchain technology should be adopted in an orderly manner, for the good of everyone, rather than maligned and attacked as a threat to the banks and our financial system. BTC and crypto provide individuals, businesses and banks a way of keeping liquid assets on hand to meet their needs.
Hopefully something positive will come out of the situation with SVB... the realization that crypto, NFTS and blockchain technology should be adopted in an orderly manner, for the good of everyone, rather than maligned and attacked as a threat to the banks and our financial system. BTC and crypto provide individuals, businesses and banks a way of keeping liquid assets on hand to meet their needs.