Bitcoin jumps nearly $4k on Biden’s speech – is it a buy?
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Bitcoin has recovered from yesterday’s selloff following Russia’s invasion – but analysts are warning the original cryptocurrency has a ways to go before the uptrend can be said to have resumed.
The pump appeared to be related to an address US President Joe Biden gave early this morning (Sydney time) threatening to cut off Russia’s access to the world’s financial system.
BTC started moving when Biden began speaking at 5.43am AEDT, rising from US$35,950 to briefly trade as high as $39,700 by 7am.
At lunchtime (Sydney time), it had given up some of those gains, changing hands at US$38,500. It had fallen as low as US$34,500 yesterday afternoon soon after the hostilities began.
#Bitcoin bounced 15% off the Lows after Biden’s speech
So wasn’t expecting the huge Bounce
— Chuks.eth (@imchrischuks) February 24, 2022
This entire Biden speech screams Bitcoin
Cutting off financial services, energy needs and independence, etc etc.
— FluffXBT (@Fluff_Bitcoin) February 24, 2022
Kiwi analyst Lark Davis tweeted that it was a “cute rally for #bitcoin,” and it had made a higher low. But it was still trading under the 50-day moving average and 21-day exponential moving average, he wrote.
Perth-based Think Markets analyst Carl Capolingua tweeted that while yesterday’s candle showed the “potential for meaningful rally,” the short and long-term trend was still down. BTC needs to close above US$45,867 before it is a buy.
Overall the crypto market was at $1.72 trillion, up 2.3 per cent from yesterday, with Ethereum changing hands at US$2,630, up 2.4 per cent from yesterday.
Terra (LUNA) was the biggest gainer in the top 10, having risen 10.9 per cent in the past 24 hours and 28 per cent in the past seven days.
Anchor Protocol was up 23.3 per cent to US$3.50, the biggest move of any top 100 coin.
Humans.ai token (HEART) was the biggest loser in the top 100, falling 7.8 per cent.