Bitcoin Price Explodes Despite Negative Comments from SEC Chair
Despite recent negative comments by US Securities and Exchange Commission (SEC) Chair Gary Gensler, the price of Bitcoin has surged by 4% in the last 24 hours, reaching $52,413. This surge occurred in the face of an 11% drop in trading volume.
The comments made by Gensler on CNBC, in which he stated that Bitcoin is not decentralized and referred to it as the token of choice for ransomware, did not seem to have a negative impact on the price of Bitcoin. Instead, other positive factors have been driving the surge.
BlackRock’s IBIT Bitcoin ETF accumulated $500 million in BTC in a single day on Tuesday, providing institutional investors with the seal of approval they needed to become more involved in Bitcoin.
BlackRock now manages assets worth $5.1 billion, while Grayscale’s GBTC leads with more than $22.9 billion in assets.
Bitcoin Price Prognosis Amid Growing Interest In ETFs
Bitcoin’s price remains bullish with the series of higher highs in the daily chart for the BTC/USDT trading pair. The price is currently within the confines of an ascending parallel channel, a bullish technical formation that suggests more gains as long as the price abides.
- The Relative Strength Index (RSI) position at 82 shows that BTC is overbought, but the RSI remains northbound, suggesting momentum is still rising.
- Large volumes of histogram bars on the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) in positive territory indicate the resilience of the bulls.
- MACD moving above its signal line indicates a strong bullish cycle in play.
If investors increase their buying power, the Bitcoin price could enhance gains and potentially break resistance levels, with $55,000 being the next target, representing a 6% increase from current levels. In the highly bullish case, the price could reach $60,000, a 15% increase from the current price.
However, profit booking could lead to a price reduction, testing the midline of the ascending parallel channel and potentially dropping as low as the $41,880 support, representing a 20% drop from current levels.
Converse Case
If profit booking ensues, the Bitcoin price could descend to test the midline of the ascending parallel channel. A leg lower could plunge BTC into the supply zone that now acts as a bullish breaker between $44,300 and $46,760. A decisive candlestick close below the midline of this order block at $45,554 would invalidate the bullish thesis. This would clear the way for a continuation of the fall.
In such a directional bias, the Bitcoin price could roll all the way to the $41,880 support. This would mean a 20% drop from current levels.
TradingView: BTC/USDT 1-day chart
Promising Alternative To Bitcoin – BTCMTX
BTCMTX is the powering token for the Bitcoin Minetrix ecosystem, operating as a tokenized cloud-mining platform where community members can mine BTC in a decentralized fashion. The token continues to gain popularity as the countdown to the halving event in April continues.
- With anticipation that this event could kickstart the next bull cycle, forward-looking investors want in on the action.
- Bitcoin Minetrix spares investors the challenge of high hardware costs and deceptive frauds that have eroded confidence in mining BTC.
- The project has already gathered a huge $10.9 million in presale out of a target objective of $12.785 million.
The token is currently selling for $0.0135, with a price hike due in less than five days, representing the final opportunity to secure tokens at the lowest possible price. Visit Bitcoin Minetrix to buy BTCMTX in the presale here.
Conclusion
The recent price surge of Bitcoin in the face of negative comments by the SEC chair, Gary Gensler, is evidence of the growing interest and confidence in the cryptocurrency, especially with the involvement of large institutional investors. Additionally, the introduction of alternative platforms such as BTCMTX provides investors with promising options to participate in the potential growth of Bitcoin, paving the way for a more diversified and accessible crypto market.
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