Bitcoin has managed to break the immediate bearish market structure. At the moment we are testing a break of the descending trendline as we also approach the monthly resistance level in the $4,800s.
The bitcoin market has managed to find support on macro levels that were previously resistant for the first time as we creep up once again for a test of the macro resistance.
Japanese regulators have reportedly approved draft amendments to the country's financial instruments and payment services laws, introducing stricter regulations for margin trading of digital assets.
Bitcoin finally broke a new high but was rejected immediately, setting us up for a reversal called a “Swing Failure Pattern.” The failure to close above the new high could mean the a liquidity run took place for large institutions to short the market.
Revolut users can automatically exchange “fiat currencies, such as the US dollar (USD) to ether (ETH) or bitcoin (BTC), to XRP,” and vice versa, based on a predetermined target rate.
Bitcoin broke short-term support on high volume and high spread. The support came on the heels of a week-and-a-half-long consolidation within a narrow range.