After years of negotiations and speculation, Russian President Vladimir Putin has officially signed a bill to legalize crypto mining in the country. This new law is historic for the embattled country. Because, in the process, Russia has transformed from Bitcoin hostility to a major adopter in the last 3 years. Meanwhile, an analyst with a large following says that Bitcoin is preparing for a breakout.
Russian Bitcoin mining will increase dramatically!
The start of the war between Russia and Ukraine has changed a lot of things for Ukraine. Western sanctions against Russia have almost paralyzed its economy. Therefore, these developments have made Bitcoin (BTC) an attractive alternative. According to a report by the Tass News Agency, the new law introduces new concepts to support the sector. These concepts include “cryptocurrency mining, mining pool, mining infrastructure operator, address identifier and person organizing mining pool activities.” With this law, crypto mining in Russia can now compete for Hashrate in established regions like the US.
BTC is set to break out in September, according to analyst, but…
As you have been following on Kriptokoin.com, the leading cryptocurrency has been struggling with a sharp sell-off in recent days. However, Bitcoin (BTC) is “still on track for a breakout in September,” says an analyst with the pseudonym Rekt Capital. However, the analyst mentions one thing that Bitcoin needs to do in order to achieve this. In this regard, he notes that BTC needs to break above the “reaccumulation range low” of $60,600. According to the analyst, CME gaps have formed in the Bitcoin reaccumulation range between $60,600 and $71,500. The CME gap is the difference between Bitcoin’s Friday closing price and its Monday opening price on the Chicago Mercantile Exchange. In this context, the analyst makes the following assessment:
60,600 back would mean that Bitcoin would need to fill this CME Gap (between $59,415 and $62,550). It has filled all these CME Gaps over the past few months, so why not take back and revisit and fill this CME Gap?
Here’s what Rekt Capital has to say about how long it could take for Bitcoin (BTC) to break back above the low of its accumulation range and fill the CME Gap:
I give it a little bit more time, even next week would be a good time to fill the CME Gap and close the week above it. So I’m giving Bitcoin two weeks to fill and reclaim this $60,600 level as support. And as long as it does that we’ll go back to consolidation within this reaccumulation range and any downside divergence will just remain bargain buying opportunities.
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