In fact, with a move to near $40,000 on February 15, Bitcoin (BTC) took a strong turn to the upside.
The RSI generates a classic bull signal
BTC/USD soared to $44,000 in the early hours of Tuesday.
A typical relative strength index (RSI) breakthrough, this time on the lower 4-hour timeframe, accompanied the advance, putting the pair 6% higher than Monday’s lows.
It went on to warn that bulls would need to hit and hold $45,500, the previous week’s high, in order to succeed.
Moreover, the surge appears to have been sparked by an external factor. As part of the current Freedom Convoy rallies in Canada, the government said that it would strengthen anti-money laundering surveillance to include crypto transactions.
“These reforms include all types of business, including digital assets and cryptocurrency,” deputy Prime Minister Chrystia Freeland said during a press briefing.
Additionally, the protests had long been a topic of considerable debate in Bitcoin and crypto communities. Thanks to the very controversial actions of the crowdfunding platform GoFundMe. In addition to the subsequent hack of GiveSendGo, the alternative used to send donations to protest participants.
The impact on Bitcoin was anything but negative, as was the case with Russia’s proposed crypto ban last month.
Meanwhile, Bitcoin businesses, such as the open-source BTCPay payment gateway, began to step up to lend sustained support to the movement.
Altcoins are reawakening
More good news came from the altcoin area. Which had been flat on Monday with no change among the big tokens.
Significantly, that quickly changed as Bitcoin’s value surged, with Ether (ETH) up almost 8% as of press time.
Finally, Binance Coin (BNB), Solana (SOL), and Avalanche (AVL) were among the top ten cryptocurrencies by market capitalization to experience similar gains (AVAX).