Bitcoin (BTC) chose a new trend on February 15 when a movement around $ 40,000 led to a sudden change of direction.
Hourly candlestick chart BTC / USD (bit stamp). Source: Trading View
RSI gives a classic bullish signal
Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair rose rapidly overnight on Tuesday, exceeding $ 44,000.
A classic RSI outbreak, this time on the lower 4-hour time frame, went ahead of the move, sending the pair up as much as 6% from Monday’s lowest level.
“I think these are the first signs of a trend reversal,” Phoenix commented on his popular Twitter account that day.
She added that reaching and holding $ 45,500 would be the “absolute key” for the bulls, and that was last week’s highlight.
The increase seems to have an external cause. As part of the ongoing Freedom Convoy protests in Canada, the government has announced that it will expand its anti-money laundering watchdog to cover cryptocurrency transactions.
“These changes cover all forms of transactions, including digital assets and cryptocurrencies,” Canadian Deputy Prime Minister Chrystia Freeland said at a news conference.
The protests have long been the subject of heated debate in bitcoin and cryptocurrency circles in light of the controversial actions of the GoFundMe crowdfunding platform and the subsequent hack of GiveSendGo, an alternative used to send donations to protesters.
As with the Russian cryptocurrency ban last month, the effect on Bitcoin was not negative in the end.
Meanwhile, bitcoin services have begun to move forward to provide continuous support for the movement, including the open source payment gateway BTCPay.
said Robert Breedlove, host of What Is Money? Podcast Summary.
Altcoins are waking up
Several positive news came from the altcoin market, which traded with little or no movement among large coins on Monday.
Related: BTC ‘just up’ the basics – 5 things to see in Bitcoin this week
This changed rapidly from the Bitcoin rally, with Ether (ETH) up almost 8% at the time of writing.
Hourly candlestick chart ETH / USD (bit stamp). Source: Trading View
Among the top 10 cryptocurrencies by market value, Binance Coin (BNB), Solana (SOL) and Avalanche (AVAX) saw similar gains.