The absorption of bad news into the market without a nuke is a bullish signal. Not so great Britain banned Binance, and the market didn't really care.
I will admit that I'm writing this article a bit early. We're still trading in a range, and I haven't given the market enough time to reverse itself after the rally to $35k. But the push up despite the Binance news is good.
The crypto market moves of its own accord. It really isn't correlated to headlines. But the way it responds to headlines does give a signal about immediate future action in the market.
Perhaps the market is beginning to price in inflation. Anecdotal evidence corresponds with duh data speaking to rising prices in everyday items. The Fed can deny this all it wants, but people on the ground don't lie. They can't. They're too poor to.
At the same time, we've got data coming out that basically everyone did better during the pandemic than immediately before. Everyone, from the top 1% to the dirt poor bottom quintile, has more money in their bank accounts than before COVID. They have more nominal value, mind you. It remains to be seen how much actual value is actually in those accounts and how much of that nominal value is just smoke and air.
I am not yet hopeful that we aren't nuking to BTC=$20k. This little move up hasn't even cleared the first real order block above it, which would mean a move to $35k. As a matter of fact, BTC rejected at this level.
If we hit the bottom of the range we are currently in ($29k-$35k), we might break the lows. We've hit the bottom 4 times. Bulls will tell you this means it is a solid floor. I'm of the school that says if you jump on the trampoline too much, eventually you fall through. 4 times hitting the bottom is ridiculous. The market wants to move down, and we're gonna need another level of Elon Musk bull stupid to turn it around.
Look at it this way. If I'm wrong, you're rich. If I'm right, you at least protect the little bit of money you got now. And inflation is definitely good news. As soon as people realize their bigger bank accounts don't buy shit, they'll have to come back to crypto. There's nowhere else to go. Just don't expect this to happen overnight.
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