The data showed BTC/USD reversing around the $40,700 level before breaking above $42,000.
This behavior, while uninspiring to some, strongly reminded others of bitcoin price behavior in late September, when $40,700 acted as a springboard that eventually reached $69,000 all-time highs seven weeks later.
"Months have passed since September. And yet BTC is in the same situation from a macro perspective," commented trader and analyst Rekt Capital .
"It is still consolidating in its macro reaction range. In fact, $ BTC is almost at the same price point where BTC reached the bottom at the September low."
Meanwhile, macro comments from the US Federal Reserve regarding economic policy tightening continued.
Similar to last week, concerns focused on the ability of cryptocurrency markets to thrive in an atmosphere without the availability of "easy money" that has characterized the economy since March 2020.
"Die-hard crypto advocates are about to find out if this really was a bubble: the lowest prices and trillions of dollars in CenBank money and government stimulus helped drive up digital asset prices," - argued markets expert Holger Zschaepitz in a recent Twitter post.
"Can mkt last without them? Bitcoin on course for 40kw/flat CenBank balances."
Further similarities emerged as BTC/USD exactly matched a position from the same day a year ago on Saturday. The key difference, however, was in sentiment.
