Found the reason for the BTC spike
Bitcoin has made an unusual move; with a long wick to the upside; peaking into the 56/57K resistance cluster and getting rejected. A lot of speculation has been going on; whales, facebook, manipulation, bear market sell off etc. None of them correct; the answer is found in this chart which directly correlates with the very use case of Bitcoin; the hedge against fiat.
The DXY is in a severe bear trend and I was expecting a bounce multiple times but it never came. The dollar index just got fiercely rejected from the golden pocket and is heading for more pain. The "spike event" is clearly correlated with the huge wick of 0,5% in the matter of 30-45 mins! Bitcoin and crypto haven proven their use case over and over again now and I dont see any reason for institutions not to exchange cash reserves into digital assets; any other than that is just wealth destruction. We are on the verge of a parabola for both BTC and ETH - the minors have moved parabolic; now its the turn to the majors and ETH already made a head start.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
The DXY is in a severe bear trend and I was expecting a bounce multiple times but it never came. The dollar index just got fiercely rejected from the golden pocket and is heading for more pain. The "spike event" is clearly correlated with the huge wick of 0,5% in the matter of 30-45 mins! Bitcoin and crypto haven proven their use case over and over again now and I dont see any reason for institutions not to exchange cash reserves into digital assets; any other than that is just wealth destruction. We are on the verge of a parabola for both BTC and ETH - the minors have moved parabolic; now its the turn to the majors and ETH already made a head start.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
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