The prices of Bitcoin (BTC) are firm, and it is trading at 2023 highs, looking at the performance in the daily chart. Specifically, buyers are pumped with the July 13 bar wide-ranging with decent trading volumes. As per the candlestick arrangement clear in the daily chart, the uptrend remains, and prices are in a bullish breakout formation.

This is a relief for optimistic buyers considering the shake-off in the better part of the first half of July 2023 when prices tanked, falling close to the $29.8k and $30k support zone.

The welcomed revival will likely be the foundation of another leg up that may lift the coin above $32.5k toward $35k or better in the sessions ahead.

The Landmark Ruling

The surge in demand on July 13 is primarily due to fundamental factors.

In the United States, Judge Analisa Torres ruled that despite the Securities and Exchange Commission (SEC) assertion that Ripple raised over $1 billion illegally by selling XRP, a crypto asset the regulator claimed is an unregistered security, the coin, the court, has ruled, is not, after all, a security.

This indirectly means XRP is a commodity just like Bitcoin, whose holders are free to trade and all capital gains therein taxed. Analysts say this is a massive win for cryptocurrencies, and Bitcoin has already been clarified as a commodity.