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Bitcoin traders had some excitement in the session overnight, with some false news sending price rising over 7% in a few minutes.
A tweet from a well-known crypto news website, Cointelegraph, stated that the SEC had approved a Bitcoin Spot ETF from BlackRock.
Markets temporarily rallied off the back of this news, until it was quickly squashed by BlackRock who confirmed it was false and their Spot ETF was still under review from the SEC.
Price quickly cleared all the gains, however, BTC is still trading up over 4% for the daily session.
Technically, BTC is still trending in the right direction, with price reclaiming a diagonal trendline that was broken a few days ago.
Currently sitting at the midpoint of a large range that has been holding firm since March. If the momentum continues, we could see price moving up towards the next major resistance level around 30k USD.
On the bearish side, there appears to be a large Head & Shoulders pattern forming. If we see the price continue to rise and then start falling away before taking out the July highs, there could be a good case for the Head & Shoulders pattern to play out.
Whatever way we see the price move in the following weeks, we could be in for some volatility as the markets appear to be reacting heavily to news events. With a number of US Fed officials speaking this week, we could see some further volatility as the markets try and predict what is in store for the US economy.
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