Bitcoin Breaks 46k
We don't talk about the Bitcoin price much here at SureSats as we don't claim to be technical analysts, but occasionally, price is important as it is an indicator of Bitcoin adoption, as well as market factors. Bitcoin has been trading below $46,000 since January 6th, trading between the year low of $32,950 on January 24th and ~ $45,850, ranging for 80 days. $46,000 has been acting as a key resistance with 3 failed breakouts above this level. Today it has finally broken above and closed the week at $46,850 following a ~$700 million short squeeze (as reported by @DylanLeclair_), and on the tails of increased volume, including the purchase of ~$1 billion in bitcoin from stablecoin UST creators, Terra Labs. Could this be the breakout from this seeming consolidation period that will push the Bitcoin price higher? From news of Exxon Mobil mining bitcoin to the potential for Russia to accept bitcoin for natural gas payments, the amount of positive news in the preceding weeks has been immense. It may be that all the sidelined capital (approximately $82 Billion USDT and $52 Billion USDC in circulation) will begin to funnel into Bitcoin, and with the percent of bitcoin on exchanges at a near 3 year low, a supply shock could be imminent pushing the price upwards.