Bitcoin is currently trading around the $42,000 mark, and one analyst believes that the tide is finally turning for BTC.
Its downtrend, he noted, had been in place since even before November's all-time high.Trader Credible Crypto meanwhile highlighted a similar level at $42,500 as important to flip.
"42.5k has been broken, now want to see this level established as support if this is a true breakout," he wrote in a"Meaning, the move up should hold and want to see some consolidation above this level for continuation. Let's see what we get over the next day or two."provided a sour mood from Asia, while in Europe, the European Central Bank's balance sheet rose to record highs.Now at more than €8.
"Only the sky is the limit? ECB Balance Sheet has hit fresh ATH >€8.7tn. Total assets rose by another €13bn as ECB keeps buying bonds despite record-high," he"Eurozone inflation. Balance Sheet now equal to 82% of Eurozone GDP vs. Fed's 37%, and BoJ's 136%."
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