Bitcoin price rose slightly, investors awaited the next turn in Ukraine and a long-awaited crypto executive
Bitcoin price rallied early today, pushing the broader crypto market higher after U.S. Treasury Secretary Janet Yellen’s leaked remarks revealed that President Joe Biden’s impending crypto order would take a constructive approach in regulating the digital assets industry. At the time of writing, BTC is changing hands at $41,360.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price tops $41,000 as Yellen’s leaked comments signals friendlier stance in Biden’s crypto order
“A presidential executive order on cryptocurrencies would ‘support responsible innovation’ as it coordinates U.S. policy across agencies,” Yellen said in a statement, which was scheduled for release on Wednesday but was published on late Tuesday. “Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems,” Yellen added.
“Crypto prices are moving the right direction again over the past 24 hours. Bitcoin has risen modestly to above $39.2k again, and Ethereum is back above $2,600. Notable gainers are ZEC (+16%), TON (+13%), AR (+10%) and XMR (+9%)”, Santiment stated.
Source: Santiment
Bitcoin picked up a bid and rose nearly 7% to $41,900 after Yellen’s comments, soothing market nerves. Other prominent cryptocurrencies like ETH, SOL, LUNA followed suit.
Yet at the time of publication, Ether (ETH) was changing hands at a little above $2,700, a roughly 8% gain over the same period. Other significant altcoins were a mixed bag.
“Despite gold, silver, and precious metals being the dominant sector thus far, there haven’t been signs of an uptick of discussion on crypto platforms. This is a good sign, as we have historically seen BTC drop if they get popular”, Santiment reported.
Source: Santiment
Bitcoin support refers to the price level where a downtrend can be expected to pause because of a concentration of demand or buying interest. For now, narrow price zones could benefit short-term positioning among traders as most technical indicators are neutral.
A counter-trend exhaustion signal on the daily bitcoin chart, per the DeMARK indicators, appeared on Monday. That could point to short-term stabilization in price, although the previous signal on Dec. 29 did not result in a price bounce.
At times, when confirmed, reversal signals could be helpful for brief trades. For example, a technical set-up for a price reversal on Jan. 24 preceded a 30% price rally. In a bear market, however, price swings tend to fade within the direction of the prevailing downtrend. To signal a trend reversal, BTC will need to hold above $37,000 support and break through the $46,700 resistance level.
The overall cryptocurrency market cap now stands at $1.828 trillion, and Bitcoin’s Dominance rate is 43%.
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