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SEC chair Gensler's departure sparks hope for compromises in crypto cases, regulation #SECCryptoRule
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Market Update - Bitcoin came within a few hundred dollars of the milestone price of $100k. The reaction at $100k will be interesting, and there is a chance that we see whip saw price action- meaning both short and long liquidations occur quickly. We have lower time frame support at $98k for now, so we are looking for this to continue. I am actively looking for areas of interest/ trade ideas, but TOTAL2 is sitting right at a huge weekly resistance level, so for now we must be patient looking for entries.
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Market Update - As we have been mentioning the past couple of days, as long as Bitcoin was holding $90k as support then $96k was likely. That is exactly what has happened, with $98k being reached. We are back into price discovery mode, after breaking from the recent sideways range, and I am interested in the reaction of a $95k retest. Be careful with altcoins they are lagging behind as BTC dominance is pushing higher.
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Market Update Bitcoin has started the week with strength, rallying 3% off the weekly open at $90k. This level is now key, as a retest of $90k is expected, and it’s crucial for it to hold as 4-hour support for a potential continuation to new all-time highs. Over the course of yesterday, this $90k area held up as solid support. If Bitcoin fails to maintain this level and we see price acceptance below it, $87k becomes the next major support zone, with increasing liquidity there. Given the current conditions, it’s wise to avoid overexposing yourself today and instead wait for the Monday Range to solidify before making any decisive moves. Opportunities are likely to emerge soon, so patience will be key.
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Market Update: As mentioned yesterday, I was watching for Bitcoin’s reaction to a retest of the $90.2k level. It has held up as 4-hour support so far, but there hasn't been any strong upside momentum yet. The $91.2k level is now acting as resistance, keeping us in a tight 1% range over the weekend. The 4-hour EMA8 (blue line) remains a key level to track, as price is following it closely. I'll be keeping a close eye on how the market interacts with this moving average. With the weekly close approaching, expect volatility to pick up, as it often does this time of week.
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