Bitcoin (BTC) held onto rapid gains as Wall Street opened on March 9, as nerves over US regulatory measures calmed down.
BTC/USD 1-hour candlestick chart (bit stamp). Source: TradingView
Executive order comes in with a wail
Data from Coin-Crypto Markets Pro and Trading Display showed that BTC/USD held $42,000 until the start of trading on March 9.
The pair had shrugged off the latest round of macro tensions to add more than 11% in 24 hours, one of the top players in the broader crypto market.
Despite mixed feelings about the real significance of the move among traders and analysts, new information about US President Joe Biden’s executive order on cryptoassets seemed to allay some of the market’s fears.
An accompanying fact sheet seemed point that the order is more investigative than draconian, making the White House’s latest efforts decidedly different from last year’s infrastructure bill.
“The administration will continue to work across agencies and with Congress to establish policies that protect against risk and guide responsible innovation, with our allies and partners to develop aligned international capabilities that respond to national security risks, and with private sector to advance technological advancements in digital assets,” it concluded.
Responding, Bill Barhydt, founder and CEO of payment gateway Abra, called the order a “nothing burger with a side of psychobabble” and said Bitcoin was on the rise because of it.
The factsheet itself didn’t mention “Bitcoin” at all, only referring to “digital assets” and “cryptocurrencies”.
“Today, POTUS signed an Executive Order on crypto assets. I look forward to working with colleagues from across the government to achieve key policy goals: protecting investors and consumers, guarding against illegal activity and helping ensure financial stability Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), wrote on Twitter.
One of the plans in the order was a promise by the US government to conduct further research into a central bank digital currency, or CBDC.
Range resistance not tipped to be broken
Buoyed by the events, BTC’s price action thus allowed market players to increase their short-term forecasts.
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For options trader and pseudonymous Twitter user John Wick, the scenario was now similar to what BTC/USD was in earlier in March.
Reverse bar setup + Squeeze Arrow setup has a new uptrend (again) targeting $44k retest.
— John Wick (@ZeroHedge_) March 9, 2022
Others remained conservative, with Crypto Ed not expecting a rematch from the previous range.
“BTC looks like it rounded that move at $42,550. Just a marginal new high was apparently enough,” he said. wrote in his latest Twitter update.
Still bearish forecasts Remainedwith a very small sign that Bitcoin would break out of its high range near $46,000.