After a crazy freefall that kickstarted back in November 2021 that resulted in Bitcoin falling from a high of $69,000 (nice) all the way back down to $32,950, we finally reversed that trend with an absolutely insane closing day move on 28 Feb.
When you think about the fact that we’re in the middle of a fucking war between Russia and Ukraine, this move becomes even more insane. Or is it? Is Bitcoin finally coming into its own as a global currency that’s free of sanctions and limitations? Is that what people are finally waking up to, in the wake of the war?
I guess we will see over the next few weeks, if this price action solidifies.
Bitcoin Price Action February 2022
From a monthly candle perspective, it looks like we’ve formed a double bottom, in June 2021, and then in January 2022.
If that formation completes, we’re potentially looking at a new ATH forming sometime between June and July 2022. This will be super interesting to see play out indeed.
From a daily candle perspective, I’m super happy to see Bitcoin back above the 50D moving average. The next phase to overturn will be the 100D moving average, which currently sits at around $45,000.
Bitcoin Narratives Evolving
With every major geopolitical event unraveling, we’re seeing evolving and expanding narratives for Bitcoin, first as a store of value and emerging asset class, next as tamper proof money as various governments across the world stamp out access to money for certain groups of people protesting against certain policies, to now, a hedge against domestic currency when the country goes to war.
As Russia faces unprecedented sanctions from the world, will they turn to crypto as a way to bypass these sanctions?
The government of Ukraine has also reached out with a request for donations via Bitcoin, Ethereum and Tether.
Looking into the Bitcoin donations, we can see that the address has received over 163BTC, worth over $7M. We see a roughly similar number with their Ethereum wallet, receiving over $6M worth of ETH.
Is the World going nuts?
I mean, it’s only February, and already in 2022, we’ve had a major freedom convoy protest, as well as a bloody actual war?! In the midst of a still raging pandemic??
I don’t know what is going on, but us humans have better get our fucking act together, or we’re never going to survive this, no matter what Elon does.
Hopefully this whole Russia situation resolves quickly, and we can all go back to our regular programming of panicking about masks and covid.
Speaking of covid, after a painful 2 years of living in restraints (somewhat), my entire family has caught covid. But I guess that’s another story for another day.
Here are 2 platforms I’m using to earn interest on my crypto, if you’re interested in learning more about how get the most out of your crypto: