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Monday, May 23, 2022

Bitcoin Price Has Hit A High of $39K

The price of Bitcoin did hit a daily high on Wednesday, with fresh comments coming in from the regulatory sphere of the United States which did boost the disintegrating price action. 

Gensler bullish on Bitcoin’s “potential”

According to data that has cropped up from TradingView and Cointelegraph Markets Pro, there has been confirmation of local highs which have gone above $39,000 on Bitstamp. The BTC/USD exchange did jump to a price above 2% in an hour. This move which ended up being a descending channel overnight did follow a mainstream media appearance by Gary Gensler, who has been selected as the newest Chair of the United States Securities and Exchange Commission.

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In his speech on Tuesday, he did assure the crypto market of his desire to allow investors access to what he believes as speculative assets- Bitcoin and other altcoins. 

In his interview with the network, the Chairman spoke about Satoshi Nakamoto’s innovation which should definitely come within the framework of public policy if it had to reach its potential. This directly alludes to him singling out Bitcoin over other crypto assets.

Nevertheless, Gensler’s comments definitely brought about some concern for traders as the cryptocurrency was already coming down from its high of $42,500 a few weeks ago. Since the token currency managed to garner some solid support, the price remained at $36,000 on major exchange Binance on the day. 

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Nevertheless, it has been made clear that the price action of Bitcoin has been attracting some major attention from traders. For Rekt Capital, the potential strength of the cryptocurrency could definitely allay several fears that the token currency would be flipping its 200-day exponential moving average to root for resistance in the long term. 

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