Anatomy of Bitcoin’s current rally as Fed attempts to save the day

ambcrypto.com:

Bitcoin has regained strong bullish activity this week which has pushed it to a new 6-month high and a new YTD high. But the reason for this rally is far more interesting and may set the pace for Bitcoin’s performance for the rest of the year.

Bitcoin mostly attributes its latest rally to fears about traditional finance’s collapse. Those concerns have triggered a loss of confidence in the banking industry especially after Signature and SVB collapsed.

Concerns about traditional finance pressures may have prompted many to move their funds into Bitcoin.

The TradFi concerns have further been exasperated by inflation concerns. Recent reports reveal that the Federal Reserve reportedly printed $300 billion this week. The move puts the FED in a tough position and undermines recent efforts to combat inflation.

Half went to holding companies for Silicon Valley Bank & Signature Bank. The Fed didn't disclose the other half

The rich always get bailed out. The poor get told «work harder»https://t.co/eNCW2IV9HL pic.twitter.com/UDrhGP6BWc

— Ben Norton (@BenjaminNorton) March 17, 2023

Reports also claim that half of the printed amount was used to bail out SVB and Signature Bank after their recent woes. The weekly Bitcoin rally is important because it confirms a positive response to inflation concerns.

A preference for hard money is expected under such conditions, hence more BTC demand is expected if the FED continues to print money.

The latest surge in Bitcoin demand is more apparent, especially among retail buyers. The number of Bitcoin addresses currently holding at least 0.01 BTC recenty surged to a new historic high. This