The buyers have come back to crypto in a big way.
If that's the case, then buyers for other risk assets can't be far off. Markets have been beaten down and today's institutional sentiment data from Bank of America is a sign that sentiment can't get much worse.
And if sentiment that that bad in traditional markets, it was much worse in crypto where some of the biggest names and firms were wiped out, leaving a trail of wreckage and lawsuits.
But bitcoin mostly stuck to $20,000 and has now broken to a one-month high after making a series of higher lows. The rough downtrend since March has also given way.
Yesterday a breakout looked in question after a test of the top of the range failed late in the day but today the bulls regrouped in an impressive show-of-resolve. It fits in with a broader market that's breathing a sigh of relief on expectations the Fed will only hike 75 bps.
I wrote yesterday about ethereum, which has its own catalyst but for bitcoin it will be technical and sentiment. The May spike low of $25,390 is an initial target with series of May lows near $28,000 as a more-ambitions level to aim for.