Before SEC Chairman Gensler issued new crypto comments, Bitcoin bounced back to $43,000


Bitcoin (Bitcoin) Rebounded to $40,000 on September 21, as attention returned to US regulators.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

The bulls have a $45,000 target

Data from Cointelegraph Markets Pro with Transaction view Shows that BTC/USD hovered at 43,000 USD before Tuesday Fresh comments From Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC).

After testing the $40,000 support level for the first time since August 6, BTC price trend stabilized the next day.

Although traders are still cautiously optimistic about the prospects, the shadow of Evergrande affected by China’s public holidays still looms over market sentiment.

“I am not too happy with this rally,” the popular trader Crypto Bullet concluded in its latest update.

“Of course it is nice to see some of the power of Bitcoin, but in general, it is still bearish for me.”

He added that the recovery of $46,500 would be a deal breaker to restore the bullish view, a request that has been echoed elsewhere.

“Recovering 45k as support is a bullish goal,” Filbfilb, an analyst at the trading platform Decentrader, told subscribers of his Telegram channel that day.

Meanwhile, I’m scheduled to meet Gensler on Tuesday night, Already in the spotlight In an interview with the Washington Post, his comments on stablecoins strengthened his stance on cryptocurrencies.

Do not mind foreign exchange reserves?

On the topic of China, analysts have adopted a longer-term approach, believing that events such as the potential implosion of Evergrande are the reasons for the birth of Bitcoin.

related: “The best bear market ever”-5 things to watch for Bitcoin this week

Decentrader analyst Philip Swift (Philip Swift) said: “A warm reminder, BTC is usually sold off due to global macro uncertainty in the short term… But the main problem that is currently brewing around the world is that Bitcoin aims to protect us. The question of protection from it.” wrote this week.

Historical precedents have boosted the bull market, and others have pointed out that after the initial plunge to $3,600, March 2020 provided a springboard for Bitcoin to hit an all-time high.

Therefore, such concerns Foreign exchange reserves rise The issue on Binance, the main exchange, is not a big deal.

“Yes, Binance’s BTC balance is increasing, which indicates a sell-off from China. However, in context, this is a trend that has continued for several weeks, and the overall transaction flow in the past few days has remained neutral,” analyst William Clay Mente Said As part of the commentary on the phenomenon.

Bitcoin foreign exchange reserves comparison chart.Source: William Clement/Twitter