Matrixport: Bitcoin Breaks Below Descending Channel, Aims for $90,000

BlockBeats News, April 22nd, Matrixport shared its today's market analysis stating that Bitcoin has broken out of its previous downtrend channel, currently outperforming the U.S. stock market and bonds. More importantly, it has once again demonstrated its value as a hedge against the U.S. dollar, particularly prominent for U.S. investors.

This hedging role is similar to the role Bitcoin has played in Argentina, Turkey, and during parts of the European sovereign debt crisis over the past decade. As macroeconomic and geopolitical pressures rise, Bitcoin continues to affirm its importance in asset allocation. Following this breakout, Bitcoin's move above the key $90,000 resistance level has become a realistic possibility.