Russia Legalizes Bitcoin (BTC) Mining, Analyst Says BTC Is Preparing for a Breakout

After years of negotiations and speculation, Russian President Vladimir Putin has officially signed a bill to legalize crypto mining in the country.

Russian Bitcoin mining is preparing for a historic breakout. An analyst is predicting a BTC price movement.

Bitcoin price movements have been attracting attention lately with a sharp sell-off. However, an analyst known as Rekt Capital is predicting a breakout for BTC in September. In his analysis, the analyst is focusing on one key level that Bitcoin needs to reclaim to achieve this breakout.

Bitcoin price movements and key levels

According to the analyst, Bitcoin needs to break back above the low of its reaccumulation range, which is around $60,600. He notes that BTC has been filling several CME gaps in recent weeks and months. Now, there is one remaining gap that has not been filled yet. This gap is located between $59,415 and $62,550. In this regard, the analyst states the following:

60,600 back would mean that Bitcoin would need to fill this CME Gap (between $59,415 – $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?

Bitcoin price movements could be preparing for a breakout. Analyst predicts BTC price movements for next week

How long will it take for Bitcoin to fill the remaining CME gap?

Continuing his analysis, Rekt Capital is also commenting on how long it could take for Bitcoin to break back above the low of its accumulation range and fill the remaining CME gap. In this regard, he notes that BTC has been closing the gaps quite quickly as of late. With this in mind, the analyst states the following:

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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