Cryptocurrency market-making firm Wintermute diagnosed that major market headwinds, such as the U.S. Federal Reserve's (Fed) interest rate hike and the rejection of the Senate's 'CLARITY Act' vote, have been fully absorbed, confirming that BTC's June low remains a valid support zone. It added, "BTC and ETH broke above their respective range highs just hours apart on the 21st (local time). Approximately $250 million worth of short positions were liquidated before the start of U.S. trading hours, and BTC is currently trading at an 8-month high of $86,000. Investor confidence in the market is currently evident, and the underlying basis supporting this rally also appears very strong. With a series of major macroeconomic news events scheduled, the market is expected to focus on establishing new support levels and absorbing profit-taking volumes from the recent rally."
