Quote from: Ndabagi01 on Today at 09:44:17 PM

Quote from: BTC_Mouse on June 07, 2023, 10:13:04 AM

Bitcoin moving with fundamental news events and the breakout turns to be a fakeout now. Price fully reversed back to the resistance area and rejected again. #BTC back in range, so let’s see where the breakout would be.

I'm sure this post was prompted by the conflict between Binance and Coinbase with the SEC. This is what you meant by "fundamental news," and it is hardly the first of its type. Such news always has a strong impact on the market, causing a decrease in prices since investors are always moved by such news because it is accompanied by a great deal of worry. However, bitcoin will quickly revert to its usual market course and resume its normal market movement.

It is possible the reaction was even stronger than what it could have been as people have not forgotten what happened with the FTX exchange, so as soon as they heard the SEC was setting its sights against binance a huge red flag was raised on their minds and they decided to make all kind of movements to protect themselves from the crash they thought it was coming, and while the price did indeed went down after this news spread, it was not as bad as we thought and since then the price has recovered in a satisfactory fashion.