The Bitcoin market has been testing both the high/low bands within the $27k to $30k range since mid-March, having recovered from $27.1k to $29.9k this week. During this rally, inaccurate rumours circulated of movements within the Mt. Gox, and USD Government controlled wallets. We also saw some activity by ancient supply holders (>7yrs), which led an infamous daily Doji candle being printed in a light liquidity environment, with $1.5k shadows.
This report aims first to address the events mentioned above which caused the volatility, and then scrutinize the demand side by emphasizing the weight of short-term investors over price action within the prevailing uptrend.