Tether Recovers and $BTC Approaches Resistance
The current price of Bitcoin is $6538 , with 24 hour volume across the market leveling around 4.25 billion USD. Bitcoin surged at the start of this week due to the speculation surrounding $USDT and the subsequent dump .
The stable coin , hoever, bounced from the sell-off and has returned its usual price around the USD mark. Presently, there has been no other developments in terms of $USDT’s solvency other than speculation from members of the crypto community.
Given that there been no further news , it best to remain agnostic towards the situation and drown out the noise and focus on what the charts are telling us. Bitcoin is once again nearing the 2018 diagonal downtrend resistance .The opinion on the crypto market’s overall health is directly correlated to $BTC’s ability to break this downtrend. The market will exude more confidence in continued bullish price action if $BTC can close on the daily above $6550.
it seems best to retain a neutral outlook at this time and possible move into hedging short at these prices in case similar price action ensues to the recent interactions with this resistance.
This is a pivotal moment for crypto as this triangle is coming to conclusion. We should see major volatility by weeks end with a more clear indication of market direction.
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