Bitcoin price bounced off $ 40k

Bitcoin (BTC) bounced off $ 40,000 on Tuesday as attention turned again to US regulators.

BTC / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

The goal is $ 45,000.

BTC / USD was paired on Tuesday, according to data from Cointelegraph Markets Pro and TradingView, chairman of the U.S. Securities and Exchange Commission (SEC). Expected statement from Gary Gensler Previously, it was around $ 43,000.

Testing the $ 40k support for the first time since August 6, BTC continues to look horizontally as of the translation airtime.

While investors generally expect a rise, the shadow of the cooling from the Evergrande event due to the Chinese holiday continues to weigh on market sentiment.

“This tab didn’t bring me much happiness,” popular investor Crypto Bullet said in his latest post.

“Of course it’s nice to see Bitcoin gain some traction, but the bigger picture still looks negative to me.”

The trader said that $ 46,500 is a critical level for the uptrend to continue. Many other investors also agree with this idea.

“Exceeding $ 45,000 increases the likelihood of optimism,” summarized Decentrader Filbfilb analyst.

On the other hand, Gensler, who is already on the agenda for his comment on stablecoins, is expected to interview The Washington Post tonight and make a statement on cryptocurrencies.

Should Stock Market Reserves Be Empty?

Analysts take a long-term approach to China, saying that events like the Evergrande bankruptcy are precisely the reason for the rise of Bitcoin.

It may interest you: 5 factors that Bitcoin investors should take into account this week

Decentrader analyst Philip Swift said: “Keep in mind that BTC often depreciates in the short term amid global macroeconomic uncertainties. Bitcin was created to protect us against the big problems that are emerging around the world right now. ” he affirmed.

Those who used historical data pointed out that Bitcoin’s fall to $ 3,600 in March 2020 paved the way for breaking records in the following months.

Therefore, the increase in Binance’s BTC reserves did not cause as much concern as expected.

Analyst William Clemente said: “Yes, Binance’s BTC pool is increasing and reveals sales in China. Still, it has been a trend for a few weeks and the stocks of the stock market have remained neutral for the last few days. summarized.

Bitcoin exchanges reserves, comparison chart. Source: William Clemente / Twitter

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