Bitcoin is beginning to appear bullish again in several technical charts after Janet Yellen – the present U.S. Treasury Secretary – said it was Congress’ job to raise the debt ceiling… or else.
Janet Yellen Wants the Debt Ceiling Raised
Yellen warned that this could be the month in which the United States runs out of money if Congress didn’t act quickly. The problem with raising the debt ceiling was that it’s already high enough as it is. Right now, the ceiling stands beyond the $31 trillion point, and Biden isn’t helping the situation given the high number of trillion-dollar spending bills he signed his name to.
Actions like these have caused record inflation and placed the American economy in a very unstable place over the past year and a half. The idea that this isn’t enough for Yellen is scary, and raising the debt ceiling could lead to more problems than solutions if not handled properly, and let’s just say it… What has been handled properly since Biden and his group of nation-hating cronies took their present positions in the American government?
In an interview, Yellen stated:
If the debt ceiling is not raised by June, the Treasury would then find itself in the position where it is unable to pay all of the bills that are due that day, and this would be the first time in the history of America that we would fail to make payments that are due. Whether this is to default on interest payments, or [a] payment for social security recipients, we would simply not have enough cash to meet all our obligations, so it is widely agreed that financial and economic chaos would then ensue. It’s Congress’ job to do this and if they fail to do it, we will have an economic and financial catastrophe that will be of our own making.
During the time this speech was made, bitcoin was trading in the mid-$27K range, a clear dip from where it was the month prior. The world’s number one digital currency by market cap had been slightly higher before, but endured a short period of suffering after Binance announced that it was temporarily halting all withdrawals involving the asset due to high traffic.
Trying to Keep Their Holdings Secure
However, analysts say the amount of bitcoin that’s been removed from exchanges and placed in cold storage over the past few weeks is a good sign. It suggests traders are confident the price of the asset could rise, and they want to keep their assets safe in the hopes that price surges will occur soon.
In addition, they’re pointing to data that says many long-term bitcoin holders are now suddenly working to increase their holdings exponentially, suggesting even further that these individuals are confident in bitcoin’s bullish potential.
