Bitcoin (BTC) maintained a strong rally at the Wall Street open on March 9 as nerves calmed over the actions of US regulators.
Hourly BTC/USD light chart (Bit Mark). Source: Trading View
Orders come with a moan
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD supported $42,000 on March 9.
The pair shrugged off the latest round of macroeconomic jitters, gaining more than 11% in 24 hours, one of the best deals in the broader cryptocurrency market.
Despite conflicting sentiments about the true significance of the move among traders and analysts, recent information about US President Joe Biden’s cryptocurrency executive order appears to have eased some of the market’s concerns.
The attached fact sheet appears to indicate that the order was investigative rather than rigorous, making the latest White House effort a stark departure from last year’s infrastructure bill.
“The Administration will continue to work with agencies and with Congress to develop guidelines that protect against risk and guide responsible innovation, with our allies and partners to develop coordinated international capabilities that respond to national security risks, and with the private sector to explore and support technological advances in digital assets.”
In response, Bill Barhet, founder and CEO of payment gateway Abra, described the demand as “nothing a hamburger with a touch of chatter” and said Bitcoin is rising as a result.
The newsletter itself does not mention “Bitcoin” at all, only “digital assets” and “cryptocurrencies.”
“Today, POTUS signed the Cryptocurrency Executive Order. I look forward to working with colleagues in government to achieve key public policy goals: protecting investors and consumers, protecting against illegal activities, and helping to ensure financial stability,” said Gary Gensler, Chairman of the Board of Directors. Securities and Exchange Commission (SEC), on Twitter.
Among the order’s plans was the promise of more research into the central bank’s digital currency, or CBDC, by the US government.
Band resistance does not tend to break
Thus, encouraged by the events, the price action of BTC allowed market participants to raise their expectations in the short term.
Related: Bitcoin Transaction Fees Doubled Briefly But Stay Exceptionally Low
For options trader and Twitter user under the alias John Wick, the scenario is now similar to that of BTC/USD earlier in March.
Others remained conservative, and Crypto Ed was not expecting the return of the previous high streak.
“It appears that BTC has completed the move to $42,550. Obviously, only a new minor rally was enough,” he tweeted in his latest update.
However, the bearish outlook remains with very few signs that Bitcoin will break out of its high range around $46,000.