Bitcoin (Bitcoin) It hit a 24-hour high late Wednesday, as new comments in the US regulatory arena boosted sluggish price movements.
Gensler is optimistic about the “potential” of Bitcoin
Data from Cointelegraph Markets Pro and Transaction view A local high above 39,000 USD was confirmed on Bitstamp, and BTC/USD rose by more than 2% in one hour.
This move is over Descending channel In place overnight, then Gary Gensler, the new chairman of the US Securities and Exchange Commission, appeared in the mainstream media.
As an experienced lecturer at MIT on topics such as cryptocurrency, Gensler is welcomed by the industry as a potential catalyst for favorable regulation in Washington.
A sort of speech Tuesday calmed the market to a certain extent, and Wednesday’s CNBC show strengthened Gensler’s desire to eliminate fraud, while allowing investors to obtain what he called “speculative” assets-bitcoin and altcoins.
“This innovation-Satoshi Nakamoto’s innovation-needs to be within the framework of public policy if it is to reach its potential,” he said Tell The Internet, especially Bitcoin among other cryptocurrencies.
Gensler’s comments are a potential source Care For traders, the start of the week is at the right time, as Bitcoin has risen from a rapid rise to a multi-week high of more than $42,500.
Solid support stay The price of Binance on the main exchange that day was $36,000-this level hasn’t really been tested after Wednesday’s sudden shift.
Moving averages are traders’ “biggest worry”
Nevertheless, it is clear that the price trend of the day Attract attention.
related: 3 reasons why Bitcoin suddenly soared to a new range between $50,000 and $650,000
For traders and analysts Rekt Capital, the potential strength here may alleviate concerns that Bitcoin will eventually turn its 200-day exponential moving average into a long-term resistance level.
The 200EMA is currently about $38,300, which is lower than the spot price after the Gensler event.
If this is recent #BTC The rebound is just an alleviating rebound by turning the 200-day EMA back to the resistance level…
Then Bitcoin May pull back to the blue 50-day moving average
50 DEMA is another EMA, which has been proven in history to help support the bullish upward trend#encryption #Bitcoin pic.twitter.com/AWwP5jomvv
— Rekt Capital (@rektcapital) August 4, 2021
In a comment on Cointelegraph, analyst Filbfilb added that Bitcoin has not yet recovered the 100-day and 20-week moving averages.
“This is my biggest worry,” he warned.
