- the price of BTC is holding within the upper boundary of a consolidation channel
- the victory of XRP against the SEC is improving market sentiment
Yesterday was a day of remarkable volatility in the cryptocurrency market. The court ruling in the XRP case against the SEC is essentially the most significant event in years. The improved sentiment led to gains in almost all cryptocurrencies.
Following this trend, the price of Bitcoin soared above $31,000 and started consolidating in the upper range of this channel. BTC has been trading between $30,000 and $31,200 since June 21st of this year. During this period, various information flowed into the market, including the initial rejection of ETF applications by the SEC, their subsequent re-submission by funds, and yesterday's victory of XRP. Despite these developments, BTC has not been able to break out of this range. This level is significant because BTC has previously reacted to it during the 2021 bull run and the 2022 bear market. Although yesterday's closing at $31,400 is the highest this year and provides hope for a continuation of this movement, today's session will be crucial. BTC needs to close above $31,400 to avoid returning to the consolidation zone. In the event of an upward breakthrough, the price may surpass $32,000 and even reach $35,000.
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