BTC Weekly Candle Is Now Safe After Dump To $17,600: Analysis

The BTC weekly candle is now safe after last week dump at the $17,600 level while bitcoin underwent a strong drop from $19,956. As the weekend has come about, bulls took back control of the crypto market as we are reading more in our latest bitcoin news today.

Bitcoin underwent a strong drop last week after reaching $19,956 as the month started. The cryptocurrency dropped to as low as $17,600 on top exchanges and many investors got their dreams crushed that the cryptocurrency will hit $20,000. As the weekend came about, BTC bulls took back control of the crypto market and the BTC weekly candle is now safe.

The cryptocurrency even reached $19,400 on Sunday morning and now trades for $19,100 which is a recovery that helped the cryptocurrency to actually end with a bullish weekly candle. While this is far from a green candle that many are hoping to see, it was a “bearish sentiment candle” that previously got all over the BTC chart. Many are confident that a move above $20,000 will happen soon as long as the stock market and the dollar are behaving well to some extent. There was a decoupling as well between the traditional markets and crypto as of late which could further boost BTC since the fundamentals are now better than ever.

The bullish reversal that is seen on the BTC chart comes as the leading cryptocurrency has fundamentals that are becoming more clear. Paolo Ardoino, CTO at Bitfinex said that the BTC bull case will force the global asset managers to “recalibrate their portfolio” in line with BTC:

 “No amount of cynicism, disbelief or even fantastical thinking can obscure the compelling case for Bitcoin. Global asset managers will continue to recalibrate their portfolios accordingly.”

As he said this, the institutional investors showed strong interest in BTC especially since Microstrategy raised $650 million from investors that were looking to exposure to the crypto asset and cryptocurrencies as a whole. The company estimated that the net proceeds from the sale of the notes will hit $634.9 million after deducting commissions and discounts and estimated expenses. Microstrategy also intends on investing the net proceeds from the sale of the BTC notes in accordance with the Treasury Reserve Policy pending identification of working capital needs and other purposes, as per the announcement of the company.

The company said it will raise up to $400 million and then increased the round size which indicates that there’s a strong reverse inquiry from institutional investors to acquire more exposure to BTC. It also shows how the cost of money is low due to the easy monetary policies.