Macro Strength: Bitcoin’s Price Moves Higher Despite Plethora of Bad News

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Bitcoin faced some intense selling pressure yesterday evening after news broke regarding the founder of OKEx being arrested by the Chinese authorities This is simply another set of news that has rocked the crypto market, but its impacts on Bitcoin’s price action has been surprisingly muted It does not appear that investors aren’t too concerned that the prospect of OKEx users losing their BTC will strike a blow to the crypto’s technical outlook Some analysts are even spinning this as a bullish possibility, as 200,000 BTC is locked within the platform One trader is noting that Bitcoin’s strength in the face of bearish news surrounding exchanges seems to indicate that its macro bullishness is growing Bitcoin and the entire cryptocurrency market have been caught in the throes of an intense bout of sideways trading throughout the past few days. This has come about concurrently with diving trading volume, as investors…

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