Bitcoin Hits Highs Of $ 39,000 As SEC Chairman’s Comments Gain 2% Increase in BTC Price



[ad_1]

Bitcoin (BTC) hit 24-hour highs later on Wednesday, as further commentary from the U.S. regulatory sphere spurred lower price action.

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

Gensler bullish on Bitcoin’s “potential”

Data from Cointelegraph Markets Pro and TradingView confirmed local highs above $ 39,000 on Bitstamp, with BTC / USD surging more than 2% in an hour.

The move, which ended an established top-down chain overnight, follows an appearance in mainstream media by Gary Gensler, the new chairman of the United States Securities and Exchange Commission.

A seasoned lecturer at the Massachusetts Institute of Technology on cryptocurrency, among other topics, Gensler had been greeted by the industry as a potential catalyst towards favorable Washington regulation.

A speech on Tuesday reassured markets, while CNBC’s move on Wednesday reinforced Gensler’s desire to eliminate fraud while still allowing investors access to what he called “speculative” assets – Bitcoin and altcoins.

“This innovation – Satoshi Nakamoto’s innovation – if it is to reach its potential, must be part of public policy frameworks,” he said. Recount the network, in particular by distinguishing Bitcoin in particular from other cryptocurrencies.

Gensler’s comments had been a potential source of concern for traders earlier in the week, this at an opportune time, as Bitcoin was already moving from a rapid rise to multi-week highs above. $ 42,500.

Strong support stayed at $ 36,000 on the major Binance exchange that day – that level has yet to be tested after Wednesday’s sudden reversal.

BTC / USD (Binance) buy and sell levels as of August 4. Source: Material Indicators / Twitter

Moving averages are the “biggest concern” of traders

Nevertheless, it was clear that the price development on this day was attracting attention.

Related: 3 Reasons Bitcoin May Suddenly Explode Into New $ 50,000- $ 65,000 Range

For trader and analyst Rekt Capital, the potential strength here could allay fears that Bitcoin will eventually tip its 200-day exponential moving average into long-term resistance.

The 200EMA, currently at around $ 38,300, was below the spot price after the Gensler episode.

In comments to Cointelegraph, fellow analyst Filbfilb added that Bitcoin has yet to recover the 100-day and 20-week moving averages.

“This is my biggest concern,” he warned.