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Bitcoin bounces to $43K ahead of fresh crypto comments from SEC Chair Gensler


21 Sep 2021

#Bitcoin

Attention is set to refocus on America following the Evergrande debacle as Gary Gensler talks to mainstream media. Bitcoin (BTC) bounced off $40,000 on Tuesday as attention returned to United States regulators. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $43,000 Tuesday ahead of fresh comments from Gary Gensler, chair of the Securities and Exchange Commission. BTC price action steadied on the day after a fresh dip saw the first test of $40,000 support since Aug. 6. While traders remained cautiously bullish on the outlook, the shadow of Evergrande, put off by a public holiday in China, still loomed large over sentiment.

“I am not too euphoric about this bounce,” popular trader Crypto Bullet summarized as part of his latest update. “Surely it’s nice to see some strength by Bitcoin but over all it still looks bearish to me.” He added that a $46,500 reclaim would be a deal-breaker to return to a bullish perspective, a requirement echoed elsewhere. “Reclaiming 45k as support is bullish objective,” Filbfilb, an analyst at trading platform Decentrader, told subscribers of his Telegram channel on the day.

Meanwhile, Tuesday evening was scheduled to see Gensler, already in the spotlight over his comments on stablecoins, cement his position on cryptocurrency in an interview with The Washington Post.

Never mind the exchange reserves?

On the topic of China, analysts were adopting a longer-term approach, arguing that events such as the potential implosion of Evergrande were exactly the reason Bitcoin was created.

“Gentle reminder that BTC typically sells off in near term with global macro uncertainties...but the major issues brewing around the world right now are exactly what Bitcoin was built to protect us against,” fellow Decentrader analyst Philip Swift wrote this week.

Historical precedent buoyed the bull cause, with others noting that March 2020 delivered a springboard for new Bitcoin all-time highs after the initial collapse to $3,600. As such, concerns such as exchange reserves rising on major exchange Binance were less of an issue.

“Yes, Binance’s BTC balance is increasing, suggesting selling from China. However, for context, this has been a several-week-long trend and overall exchange flows remain neutral over the last few days,” analyst William Clemente said as part of comments on the phenomenon.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 57.6% 88 $23 109.54 1.95% 2.34% $445 426 484 270 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 59.6% 85 $1 598.12 2.07% -3.41% $195 567 528 598 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $1.000161 0% 0% $67 515 300 251 USDT 7 days price change
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6 XRP (XRP) XRP XRP predictions 61.6% 74 $0.412770 2.87% 0.60% $20 970 186 547 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000073 0% -0.01% $15 799 582 881 BUSD 7 days price change
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