Weak Rally Gives Bitcoin Second Possibility at …– Crypto

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Within minutes of rumors spreading regarding the SEC’s classification of both bitcoin and ether, the entire crypto market breathed a sigh of relief as everyone enjoyed a nice bounce. Prior to the news, bitcoin saw several days when buyers began to disappear from the market. After bottoming in the low $6,100s, the SEC news spread and a modest rally on relatively low volume ensued:

Figure 1: BTC-USD, 1-Hour Candles, Weak Rally

Although the move was sudden, the overall volume behind the move was poor. You can see on the hourly candles that the volume barely made a noticeable blip on the radar. However, one noteworthy thing occurred during the rally: The price managed to break back into the macro trading range it has been bound by for the last 5-6 months:
fig 2Figure 2: BTC-USD, Daily Candles, Macro Trading Range

Part of our previous discussion centered around known support levels and their implications. The first line of support was outlined around the $6,450 values. As you can see, the…

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