Bitcoin spikes above $21K, pushing the total crypto market cap back above $1 trillion

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Moving forward, Wyckoff said that bulls need "to show important follow-through buying strength in the next couple days, which would suggest a near-term market bottom being in place." Prior to the move higher, Lifchitz warned that global actions by Central Banks to "increase their interest rates in order to fight inflation were producing a lot of headwinds for risk assets in 2022, including Bitcoin." This is especially true of the US Fed, "which is so far ahead of its peers in terms of tightening, that it has strengthened the USD, and therefore, weights on the Bitcoin price in USD.

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