Biden withdraws, Bitcoin rises

President Joe Biden has withdrawn his nomination for re-election in November and endorsed vice-president Kamala Harris as his replacement. No matter your politics, you have to respect the man for putting the needs of his country first.

Bitcoin welcomed the news by rallying to $68K.

Bitcoin (BTC)

Conclusion

Bitcoin is headed for a test of resistance at $72K, signaling risk-on for financial markets.

Bitcoin breaks 30K

Bitcoin (BTC) broke primary support at 30K, providing further confirmation of a bear market. The primary down-trend in Bitcoin signals that financial markets have reversed to risk-off.

Bitcoin

The target for the decline is 15K. The calculation is based on price doubling from 30K to 60K (in 2021). Now that BTC has reversed below 30K, we can expect it to halve (to 15K).