Chad Rallies, Inflation, & The Policymakers Conundrum

FEB 11, 2022 • 11 Min Read

Jason Pagoulatos + 1 other

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Bitcoin “Chad” Rally Hits Overhead Resistance

Since our last edition of Market Insights, Bitcoin has notched an extremely impressive week, rallying nearly 20% over the last 7 days, and nearly 40% off of its January lows (around $33K). This week’s move was a vicious one, sparked by a reinvigorated spot bid across all major exchanges, as well as a flurry of short liquidations as late sellers were mercilessly squeezed, culminating in a nearly 10% move on February 4th. Since the February 4th ‘chad candle’, price momentum has started to slow for BTC and most other crypto assets.

With the sharp $12K move off of the lows, bitcoin is heading into resistance on multiple timeframes. What we mean by this is BTC is moving into an area of daily, weekly and monthly resistance. This is notable because it is a level that market participants of all kinds will be looking at as a potential price ceiling; this is also known as multiple factor confluence. A

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Jason Pagoulatos + 1 other