Bitcoin = Freedom

Today Bitcoin continues to explode higher, and few analysts have proposed the reason behind this rally. The Donations exceeding $60 million in Bitcoin and Ethereum are reminiscent of the last significant one-day rally in BTC occurred on Feb. 4th, labeled by Chico Crypto as the “freedom rally” based on the fact that the donations to Canadian activists were turning to Bitcoin to aid the workers and receive assistance after the Canadian Government halted the bank accounts of anyone involved in the protests.

The “freedom rally” was brought on by showing the world that uncensored and decentralized money has a place in this world. Last week Ukraine passed legislation making Bitcoin legal tender. At first, this went largely unnoticed, but with the whole world eyeing the situation unfolding in Eastern Europe where a self-appointed dictator of sorts continues down the path leading to World War III, a borderless and nationless currency begins to make much more sense and even a necessity.

Technically, Bitcoin has exploded over the past hour, moving from $41,600 up to resistance at $44,275. In fact, during a five-minute period Bitcoin rose by $2,000! As of 6:00 PM EST, Bitcoin is trading between $43,500 and $44,000.

Prices backing off after moving so much and hitting such a key resistance area is likely. However, this sentiment and enthusiasm for the world's largest digital asset will likely remain for some time. This leads me to the conclusion that we actually could flip $44,275 into support this week. If this does indeed happen, a run as high as $53,000 could be viewed as a safe bet.

This is all dependent upon flipping the critical 61.8% Fibonacci retracement level residing just above $44k. But one thing is becoming clearer as this second freedom rally exceeds the one that took place earlier this month and that is Bitcoin and Freedom go hand and hand