Elena R
Bitcoin price is halfway from obliterating losses incurred during the Terra Luna UST capitulation. After hitting a high of around $29k, Bitcoin price has since retracted to trade below $28k during the mid-London market on Friday. The rising global inflation and fear of the banking crisis have increased money flow to the Bitcoin and cryptocurrency market.
The collapse of Silicon Valley Bank and Signature Bank has exposed the rogue side of the banking industry. Moreover, it is reported that banks are taking risky bets with customers’ deposits and misappropriation of assets with self-allocation.
As a result, people understand the need for self-custody through Bitcoin and other crypto assets with the use of hardware wallets like Ledger or on-chain wallets like Trust or MetaMask. According to aggregate data provided by Coinglass, the total amount of Bitcoins held on exchanges has declined since the asset scaled to $28k in March.
Closer Look at Bitcoin Price Action
If Bitcoin price holds the current levels for the next few hours, the asset will have finished three months on a rising trajectory. According to famous Twitter crypto analyst Rekt Capital, Bitcoin is on the cusp of confining a breakout of the macro downtrend.
Similar sentiments were shared by Twitter market chartist @Barchart, who noted that Bitcoin is on the precipice of the macro parabolic move.
“Bitcoin $BTC is on the verge of having its 3rd consecutive green month. Last time that happened? October 2020 – March 2021 when the price went parabolic from 10.4k to 61.7k,” the trader noted.
The trader insisted that today’s close will be critical in Bitcoin’s future technical layout. Moreover, every time Bitcoin price has three bullish consecutive months, a parabolic move quickly followed.
