BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
RSI prints classic bull signal
A classic relative strength index (RSI) breakout, this time on the lower 4-hour timeframe, preceded the move, which put the pair a full 6% higher versus Monday’s lows.
– Matthew Hyland (@MatthewHyland_) February 14, 2022
“I do think these are the first signs of a trend break,” popular Twitter account Phoenix commented in a fresh post on the day.
It added that reaching and holding $45,500 would be “absolutely key” for bulls, this marking last week’s high.
The uptick appeared to have an external trigger. As part of the ongoing events in Canada’s Freedom Convoy protests, the government announced that it would expand anti-money laundering surveillance to cover crypto transactions.
“These changes cover all forms of transactions including digital assets and cryptocurrencies,” deputy prime minister Chrystia Freeland said at a press conference.
The protests had long been a topic of heated debate in Bitcoin and crypto circles in light of the highly controversial actions by crowdfunding platform GoFundMe and the subsequent hack of GiveSendGo, the alternative used to send donations to protest participants.
Meanwhile, Bitcoin services began to step up to offer continued support to the movement, among them the open-source BTCPay payment gateway.
– BTCPay Server (@BtcpayServer) February 15, 2022
“Use unstoppable money, then you can ignore all their commands and live free,” Robert Breedlove, host of the What Is Money? podcast summarized.
More positive news came from the altcoin space, which on Monday had traded flat with almost no movement among major tokens.
That quickly changed as Bitcoin rose, with Ether (ETH) up nearly 8% at the time of writing.
ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView