Bitcoin (BTC) consolidated near $31,000 on July 14 after a classic short squeeze sparked new yearly highs.
BTC/USD 1-day chart. Source: TradingViewBTC liquidates $50 million shorts in new squeeze
Data from Cointelegraph Markets Pro and TradingView showed BTC price movements returning to cement support after rapid gains the day prior.
Already tipped for a trip higher, Bitcoin reacted instantly to news that a United States judge had supported the idea that altcoin XRP (XRP) was not a security.
This was taken by markets as a blow to regulator the Securities and Exchange Commission (SEC), which in recent months had sought to label altcoins as securities en masse.
XRP/USD immediately spiked by over 100%, almost touching the $1 mark before returning to trade near $0.80 at the time of writing. The last time that such levels formed part of the chart was in April 2022.