Bitcoin (BTC-USD) has rallied tremendously since the Silicon Valley bank collapse, a far cry from the so-called “crypto winter” of late 2022. Its value is now roughly double last November’s $16,000 level and speculation about an end or pause in the Fed’s tightening cycle provides additional tailwinds. This scenario cancels out many risky assets, with crypto appearing to be the main beneficiary.
Of course, the bank failure narrative doesn’t hurt as investors weigh the benefits of Bitcoin’s decentralized nature as an alternative to the traditional banking system.
Despite the surge, Mark Newton, head of technical strategy at Fundstrat Global Advisors, told Yahoo Finance’s Julie Hyman and Brad Smith that Bitcoin “had a very good bounce off the lows but is a little overbought.”
Important video moments
00:00:45 Fed rate outlook
00:02:10 Doomsday scenario of the market
00:06:09 Bitcoin technical analysis
Watch our full interview with Mark Newton here.
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