Bitcoin Soars on Bloomberg Debasement Mentions

Bitcoin's price surged after the term 'debasement' appeared in a record-breaking number of Bloomberg articles last week. According to blockchain.news, this word was mentioned 1,533 times, more than double the previous week and the third-highest total on record. The mention of debasement coincides with intervention in the US Treasury bond market, which has led to a +750% jump in Bitcoin's price over just two weeks.

The influx of investment into Bitcoin is causing investors to rotate out of cash, as evidenced by the surge in flows towards gold and Bitcoin. BTC now trades at $78,129.7 inside its Bollinger Bands, with the upper band acting as immediate resistance at $79,707.94. Meanwhile, the 50-EMA provides support at $77,344.45.

Despite short-term momentum loss signaled by the MACD death cross at -58.39, the neutral RSI of 48.75 leaves room for continuation once price retests that EMA level.