, 2023-01-14 09:35:17,
After dropping from just above 67,500 to a low near 15,000, a 77 % loss from peak to trough, Bitcoin then spent about 13 months going mostly sideways. Then, suddenly, this week buyers appeared, and prices headed up again just as if the old days had returned after a long, long vacation. Ethereum and most of the rest of the crowd joined in with the upward-ness.
In typical market fashion, the move back up comes at a time when the sector’s biggest former stars are just now beginning to face the music. Sam Bankman-Fried of shorts-and-t-shirt fame, is now ensconced in his parents’ home near Stanford University, having left the Bahamas after authorities found issues with his cryptocurrency business.
“People might finally be going to jail?” must mean that a market bottom surely is near, according to those in touch with the decentralized zeitgeist. It’s something like “all the bad news is out,” the old saw applied to the equities market. Whether it’s actually the case for cryptos remains to be seen, of course, but here are latest charts showing the new action.
In just a few days of trading, the most popular cryptocurrency in the world is back above its 200-day moving average (the red line) and back to well above its 50-day moving average (the blue line) which is just at the beginning of “up trending.”
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