This is why Bitcoin had been under pressure to begin with:

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It became evident that hedge funds were short-selling tether and Bitcoin in a coordinated attack, in an egregious attempt to establish for themselves a discount prior to buying up the crypto community. Why? Well, it became obvious that their agenda was to crash prices simply because they had an interest to buy. Goldman Sachs, for example, blasted Bitcoin a few weeks ago, calling it 'not viable.' Yet, they were simultaneously in talks to buy crypto assets and derivatives. Goldman even downgraded Coinbase among others to a 'sell' shortly before engaging to buy Celsius.

This is straight out of the Hedge Fund playbook: short-sell companies and industries during low liquidity periods in order to force an epic discount so they can take ownership of them outright. In combination with the planned acquisitions which reveal bullish outlooks, some of the hedge funds are already flipping from short to long. For example, Deutsche Bank just called for a sharp Bitcoin rebound to $28k.

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Let's look at the Technicals:

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Weekly Chart - Fibonacci Retrace with a Support-Catalyst Bounce above 200 Week Simple Moving Average

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Short Term Economics

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Hourly Chart - Trendline Analysis indicates three independent, ascending supports

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As we can see, the technicals reveal rising price supports, implying a likely rebound back above $20000 prior to a strong short term rebound to $36,500.00. This number is derived above from a key Fibonacci retracement level, as shown above, but also the fact that weekly simple moving averages have so much weight. The 200 week SMA is to serve as a support-catalyst for the price to conduct a fibonacci retracement upwards.

On the economics side, we can clearly see that demand is beginning to outstrip supply, on the order of about 2x, which has not impacted the price yet. When active demand exceeds available supply, the price does go up.

From a trend analysis, too we see three independent and rising support levels, squeezing the price upwards above the hourly 50SMA. As we can see in the middle of the chart, when this maneuver happens, it is usually met with outsized buy-volume.

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Minor Tin-Foil Section (Just my Deeper Theory):

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Last week we saw that Bitcoin is now to be internationally classified as a commodity This information from the U.S. Government was communicated by the SEC Chairman Gary Gensler. At that same time, we saw that the Hedge Funds funded by Prime Brokers were shorting the crypto sector. Note that the SEC Chairman is one of the members of The Working Group.

The Working Group on Financial Markets was created in 1988 to provide financial and economic recommendations to the U.S. President during turbulent market times.

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The Working Group, aka Plunge Protection Team is actively meeting about CryptoAssets

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We've already had the worst start to a stock year since 1952. The Working Group on Financial Markets is in close contact daily - via cell phone, text, email. So when Gary Gensler says, mid-market-crash and completely out of the blue [and after Bitcoin had already fallen 70%], that Bitcoin is a 'commodity', I urge you to ask yourself why. Why are they in fact meeting about crypto and only crypto at this time?

This could be evidence of intent that the Federal Reserve wants to take crypto over, just like they did with the gold supply in '33. They paid for that gold with cash, so it was good to have gold at that time.

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Like the discovery of Oil, this Executive Order is an example of how the U.S. Government will demand-to-buy assets from you when they consider something a Commodity

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All of this Federal Reserve eyeing up Crypto comes after they went to MIT advanced researchers to conduct a vast, manhattan-project-like project known as Project Hamilton on cryptocurrency - called the Central Bank Digital Currency [CBDC]). They have since done research with collaboration with the Bank of England and the Bank of Canada as well.

The Federal Reserve and the U.S. Government is 'the' prospective crypto buyer here. So what do they do? Answer: They command their clientele to buy. Yes. In some cases, they can steal it. In the case of crypto, it's showing itself as a little bit of both. I believe this is why the Fed's clients (Prime Brokers and subsequently, Hedge Funds) had the confidence to short the crypto market down from $3.0T market cap to $0.8 market cap overnight, giving themselves a considerable discount on the commodity of Bitcoin now and into the future.

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Other Notable Buyers:

Sam Bankman-Fried is one of a handful of whales who are buying everything it seems. FTX US just acquired BlockFi, valuing the crypto lender at $680 million. Multiple reports are in that he's eyeing distressed miners next. Further, Bankman-Fried’s quantitative trading firm Alameda committed $500 million in financing to Voyager. Bankman-Fried is known by some as the 'future Warren Buffett'. MicroStrategy as well just bought $10M worth of Bitcoin here. Also, the country of El Salvadore is actively buying at these low prices.

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TLDR (Conclusion):

We showed that The Working Group is meeting regularly, and mysteriously discussing crypto after the overall equities market had the worst start to a year in 52 years. The U.S. Government is nearly complete with a long-term Central Bank Digital Currency project (Project Hamilton) and are now coordinating with the Bank of England and Bank of Canada to implement crypto. Last week, we then saw Bitcoin receive the historic Commodity classification, making it similar to material gold and oil. This could be the underlying intent of why Prime Brokers were green-lighted into the crypto-industry-wide, toxic takeover.

We showed that then the Hedge Funds for a few months had conducted a coordinated attack on the once $3.0 Trillion market cap in crypto, bringing the sector down to $0.8 Trillion. They too short-sold Tether in an attempt to depeg it. They have seemingly failed, hence now why hedge funds are now flipping from short to long.

Yet, whales are stepping in to 'buy everything' at these levels, from Bankman-Fried to Michael Saylor, to El Salvador, and retail buyers, among other governments and firms. Bankman-Fried is saving Voyager, and has acquired BlockFi in a near-$1B deal. Goldman Sachs is flipping from short to long in the buyout of Celsius. Deutsche Bank, too, has flopped from short to long, and is calling for an immediate price increase in Bitcoin to near $30,000.00.

The technicals revealed rising price supports, implying a likely rebound back above $20000 at any moment. These rising trends combine with a technical bounce upward from the 200 week SMA, which serves as a support-catalyst for a mid-macro Fibonacci retracement to $36,500.00. Economically we are seeing demand for Bitcoin begin to exceed available supply.

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TLDR of TLDR:

It's going to be a fun summer for Bitcoin longs ????