The last time I spoke about Bitcoin was back in late December,
Crypto Analysis Report 12-30-18...Has Bitcoin Bottomed???
After coming within $200 of pivot low that was established back in Sept of 2018, buyers have stepped up their game. However, the crucial level remains the daily supply at $4500. If price can breached that level, price has a chance of moving higher.
On February 8th, the crypto market experienced a strong $10 billion recovery from $111 billion to $121 billion, breaking out of a three-week stalemate.
It is not only a matter of technicals and flows. Fundamentals may be in play as well. SEC Commissioner Robert J. Jackson Jr. gave an interview to the Congressional Quarterly and said that the SEC will eventually approve an Exchange Traded Fund on Bitcoin. He thinks that at some point somebody will satisfy the standards set o the regulators.
In warming to an ETF, Jackson joins his peer Hester M. Peirce that voted in favor of the Winklevoss ETF in the summer of last year. She is a hero of HODLers. An ETF helps mainstream investors jump onto the crypto bandwagon.
Was the news on an ETF the reason Bitcoin caught bids, I have no idea. For me this uptick continues to be just noise...need to see continues days of pricing going higher before it becomes meaningful. However, I know Bitcoin is serious again, once the daily supply at $4500 is taken out.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
