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Bitcoin

Bitcoin Price Prepares Colossal Move To $50,000 As US Promises Not To Ban Crypto Like China

by Miki 09/30/2021
by Miki 09/30/2021 0 comment
  • Bitcoin price ascends close to $44,000, but the uptrend slows before confirming breakout above the falling wedge pattern.
  • The US will not follow China and ban cryptocurrencies but maintains there is a need to regulate stablecoins.

Bitcoin has in the last 24 hours shook the ground, lifting above $43,000. The largest cryptocurrency closed the gap at $44,000 but again failed to confirm this breakout.

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Meanwhile, BTC has retreated to trade at $43,530 at writing, and bulls are racing to ensure that losses do not stretch under $42,000 and wipe out all the progress made since mid-week.

According to the general technical picture, BTC is poised to take a leg higher as the weekend approaches. Nonetheless, this might not happen until the bellwether cryptocurrency meets a formidable catalyst.

The US fed Chair Jerome Powell Say US Will Not Ban Cryptocurrencies

On Thursday, the chairman of the United States Federal Bank told the Congress that the United States is unlikely to take China’s approach and impose a ban on cryptocurrencies. Jerome Powell made the declaration during a hearing with the House Committee on Financial Services.

He was responding to a question posed by Representative Ted Budd (R-NC) of North Carolina, “as a matter of policy, is it your intention to ban or limit the use of cryptocurrencies like we’re seeing in China?”

While the country does not intend to ban cryptocurrency transactions and use, Powell said they need to regulate the digital currency space, especially stablecoins.

“But stablecoins are like money-market funds, they are like bank deposits, but they are, to some extent, outside of the regulatory perimeter. It’s appropriate that they be regulated. Same activity, same regulation.”

Bitcoin Stalls At The Edge Of A Major Breakout

The latest Bitcoin ascent brought it to close a potential bullish breakout. However, it is clear that buyers still lack the power to make a significant step north.

Realize that the 12-hour chart reveals a falling wedge pattern, which analysts and traders consider highly bullish. A break must be confirmed above the upper descending to launch BTC 10% higher, slightly above p$48,000.

BTC/USD 12-Hour Chart

BTC/USD price chart
BTC/USD price chart by Tradingview

At the same time, the MACD confirms the bullish outlook following a buy signal in the same timeframe. Despite the sluggish price action, Bitcoin remains in the bulls’ hands. Nonetheless, investors remain cautiously bullish, especially with regulatory uncertainty hovering.

Bitcoin Intraday Levels

Spot rate: $43,530

Trend: Bearish bias

Volatility: Low

Support: The 200 SMA

Resistance: $44,000 and $48,000



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The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
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    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

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      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

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