When people ask us what's been happening in the world of crypto, this is the chart we show them.
Bitcoin -- and crypto more generally -- has been a big nothingburger for over a year. Especially with Bitcoin trading below its prior cycle highs, there was absolutely nothing to be done in this asset class.
Another positive week -- add it to the growing tally!
This is the first time Bitcoin's been up for four consecutive weeks since August 2021. Similarly, Bitcoin's 14-day RSI eclipsed its highest level going back more than two years.
We have a name for this price action...
Momentum thrusts.
We see them all the time in the beginning stages of new trends.
There's no denying that this move has been impressive. In fact, we'd even argue that it represents a structural shift in this market.
With Bitcoin $BTC and Ethereum $ETH reclaiming their prior-cycle highs, we even went as far as arguing that this recent move represents a structural regime shift for the asset class.
In our view, both the short and intermediate-term trends have now definitively shifted higher.
This comes within the context of a slew of risk-on developments in traditional markets.
Bitcoin had its best week in two years, with the orange coin rallying 22%. Many coins followed suit, with names like Solana gaining a whopping 60% last week.