Bitcoin (BTC), which was trading at near $40,000, saw an abrupt turn of the direction on February 15.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
RSI is a classic bull signal
Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD gained quickly overnight and Tuesday and then surpassed $44,000.
The classic relative strength index breakout (RSI), this time in the lower four hours, preceded the move. This put the pair a full 6% higher than Monday’s lows.
#Bitcoin 4 Hour RSI broke out and MACD just had a Bullish Cross: pic.twitter.com/2bRVFeQsfX
— Matthew Hyland (@MatthewHyland_ February 14, 2022
Phoenix, a popular Twitter account, commented on the trend in a new post.
The bulls would need to hold and reach $45,500, according to the statement. This is the same as last week’s high.
It appeared that there was an external trigger for the uptick. The government announced it would increase Anti-Money Laundering surveillance in response to the ongoing protests at Canada’s Freedom Convoy.
At a press conference, Chrystia Freeland, Canadian Deputy Prime Minister, stated that “these changes cover all forms transactions including digital assets or cryptocurrencies.”
Protests have been a hot topic in Bitcoin and cryptocurrency circles for years, in light of controversial crowdfunding platform GoFundMe’s actions and subsequent hack of GiveSendGo (an alternative that was used to send donations to protesters), which were highly controversial.
The effect on Bitcoin was not as negative as the Russian ban on crypto-use last month.
During this time, Bitcoin services started to rise up to provide continued support for the movement, including the open-source BitcoinPay payment gateway.
Dear all, we got you covered, learn how to setup a crowdfund campaign while enjoying the mellow voice @pavlenex https://t.co/xLbaJSPrcz https://t.co/XDjwbKaSVD
— BTCPay Server (@BtcpayServer), February 15, 2022
Robert Breedlove, host and co-host of What Is Money?, says, “Use unstoppable cash, then you can ignore their commands, and live freely.” podcast summarized.
Altcoins have received more positive news, as they traded flat on Monday with virtually no movement among the major tokens.
Related: “Up Only” for BTC Fundamentals — 5 Things to Watch in Bitcoin This Week
This quickly changed when Bitcoin rose. Ether (ETH), up almost 8% at the time this article was written.
BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView
Similar gains were made by Binance Coin (BNB), Solana(SOL), and Avalanche [AVAX] among the top 10 cryptocurrencies in terms of market capitalization.