A popular crypto strategist is highlighting Bitcoin’s (BTC) ability to hold current price levels in the face of a major black swan event.
The pseudonymous analyst known in the industry as Cred says Bitcoin is flashing relative strength despite the collapse of crypto exchange FTX.
At its height, FTX was considered the third-largest crypto exchange in the world, just behind Coinbase and Binance.
“I understand that argument of relative strength that it’s holding up given the magnitude of what’s happening. If you’re going to make a bullish argument, it basically has to be that. We had the worst news that was fathomable and unfathomable yet the market is still kind of range bound on the daily [chart]. So someone’s willing to soak it