Significant concerns about US regulatory actions have subsided, however estimates on how Bitcoin will manage short periods remain varied.
Bitcoin (BTC) maintained its rapid gains at the Wall Street open on March 9 as concerns about US regulatory actions subsided.
The executive order makes its entrance with a whimper.
Cointelegraph Markets Pro and TradingView data indicated that BTC/USD maintained a price of $42,000 at the start of trading on March 9.
The pair has shrugged off the latest round of macroeconomic concerns to gain almost 11% in 24 hours, making it one of the strongest performers in the broader cryptocurrency market.
Despite traders and experts’ conflicting feelings about the move’s true impact, new information concerning US Vice President Joe Biden’s executive order on cryptoassets appeared to soothe some of the market’s anxieties.
An accompanying fact sheet suggested that the order would be more investigative in nature than punitive, setting the White House’s newest efforts apart from last year’s Infrastructure Bill.
“The Administration will continue to work across agencies and with Congress to establish policies that mitigate risks and promote responsible innovation, with our allies and partners to develop aligned international capabilities to address national security threats, and with the private sector to study and support technological advancements in digital assets,” it concluded.
Bill Barhydt, founder and CEO of payment gateway Abra, responded to the ruling by calling it a “nothing burger with a side of psychobabble” and claiming that Bitcoin rallied as a result.
The fact sheet itself made no reference to “Bitcoin,” instead emphasizing “digital assets” and “cryptocurrencies.”
“Today, the President of the United States signed an Executive Order on crypto-assets. I look forward to collaborating with colleagues across the government to advance critical public policy objectives, including protecting investors and consumers, preventing illicit activity, and assisting in the maintenance of financial stability “The Securities and Exchange Commission’s (SEC) chairman, Gary Gensler, wrote on Twitter.
Among the order’s provisions was a commitment by the US government to conduct additional research into a central bank digital currency, or CBDC.
There is no indication that the range resistance will be breached.
As a result of the events, BTC price action enabled market participants to raise their short-term forecasts.
According to options broker and pseudonymous Twitter user John Wick, the situation currently resembled that of BTC/USD earlier in March.
Reversal bar setup + Squeeze Arrow setup has up in a new uptrend (again) targeting $44k retest.
— John Wick (@ZeroHedge_) March 9, 2022
Others remained cautious, with Crypto Ed predicting that the previous range high will not be matched.
“BTC appears to have completed that transaction at $42,550. Evidently, a marginal new high was sufficient “He stated this in his most recent Twitter update.
Bearish forecasts persisted, with scant evidence that Bitcoin would break out of its range high above $46,000.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.