Crypto Daily – (BTC) looks to have reached a top for now, of what is a truly massive rally – A 30%, $13,700 revival has now paused as Bitcoin bulls draw breath, ready for the next leg up. A short term reversal could take place now, but the next stage of the bull market could soon be upon us.

The Bitcoin bulls have completely obliterated the bears since the ‘yen carry trade’ sell-off last weekend. Now well in charge, the bulls are still in the midst of pushing the $BTC price back to the top of the bull flag channel.

A short term reversal

Source: TradingView

Although looking to completely break this latest downward trend, the $BTC price could continue to reverse here. The bulls will be hoping to see a higher low, from where the price can bounce back towards the top of the channel.

Having climbed to around $62,700 on Thursday, the CME gap at $63,000 was almost closed. It might now be expected that $BTC at least returns to the support at $61,000, or perhaps more likely to the support at $57,000.

Intense buying pressure

Source: TradingView

Looking out into the 2-week chart, the entirety of this bull market, plus part of the previous one can be observed. In no place in this chart can a longer downward price wick be seen, than the one for this current two-week period.

This is signalling intense buying pressure that has sent the $BTC price rocketing 30% over just the last few days. That said, it is still only Friday, and the weekend is yet to come. The close on Sunday should give a good indication of just how powerful an impact this candle will have on the next few weeks of price action. If the two-week candle can close around this level, strap on your seat belts tightly.

At the bottom of the chart is the stochastic RSI momentum indicator. A potential cross up of the blue fast indicator line, over the top of the red slow line, has the potential to signal huge upward momentum that could be coming to the $BTC price in the next few weeks.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

This content was originally published on Crypto Daily

Robinhood Markets reportedly submitted a response to a Securities and Exchange Commission (SEC) Wells Notice that it received in May, which warned the company of impending enforcement action related to its cryptocurrency business.

Vlad Tenev, CEO of Robinhood, told Bloomberg Television about this move in a Thursday (Aug. 8) interview, while adding that he had no other updates to share, Bloomberg reported.

“We’ve spent a lot of time making sure that the response is as high-quality as possible,” Tenev said, per the report.

Robinhood said in May that it received a Wells Notice from SEC staff indicating that they would recommend that the commission take enforcement action against the company.

Dan Gallagher, Robinhood’s chief legal, compliance and corporate affairs officer, said in a May 6 blog post: “After years of good faith attempts to work with the SEC for regulatory clarity including our well-known attempt to ‘come in and register,’ we are disappointed that the agency has decided to issue a Wells Notice related to our U.S. crypto business.

“We firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.”

During the Thursday interview with Bloomberg Television, Tenev also said that Robinhood’s trading platform didn’t have issues “of a significant nature” during Mondays global stock-market selloff, when some of its competitors had outages.

The company’s execution venue, Blue Ocean ATS, suspended overnight trading when the scale of the selloff overwhelmed its infrastructure, according to the report.

Tenev told Bloomberg: “We look to make sure they enable it for all of their customers and all of our customers as soon as possible.”

Blue Ocean, the platform powering 24-7 trading for Robinhood and other brokers, went offline Monday amid the surge in activity.

While that was not ideal for Robinhood users trying to participate in the market action, it highlighted the ongoing popularity of retail trading, PYMNTS reported Wednesday (Aug. 7).

On that day, Robinhood reported record quarterly revenue and profit that beat Wall Street expectations.