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James Van Straten: Bitcoin bottom formed after SVB crash in March 2023

James Van Straten: Bitcoin bottom formed after SVB crash in March 2023
Bitcoin market bottom seen after SVB crash

James Van Straten reflects on market sentiment in early 2023, suggesting that many investors did not believe bitcoin had reached its lowest point until after the collapse of SVB in March 2023, which led to a higher low for the cryptocurrency.

He points out that with the VIX currently at 14 and approaching the U.S. mid-term elections, a significant volatility event similar to that period may be needed to instill renewed confidence in a market bottom.

Van Straten previously observed that Bitcoin stayed above its 50-week moving average, a contrast to the distances from key technical levels seen in 2022, according to his analysis in July. In a separate report, he noted that Riot sold 4,300 BTC in the second quarter, ending with a balance of 11,380 BTC as all monthly production continued to be sold by the company’s CFO here. Both updates reflect Van Straten’s focus on technical indicators and major institutional moves in the bitcoin market.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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