BTC Hits $39K after Bullish Comments by SEC Chair

Gary Gensler, SEC Chair, boosted Bitcoin by 2% gains on Wednesday. However, the unclaimed MAs still troubles investors as far as the long-term forecast is concerned.

Bitcoin saw its price hitting a 24-hour high during Wednesday’s sessions. That came as new comments by the US SEC official surfaced in the crypto atmosphere, triggering price actions.

Gensler Bullish on BTC

TradingView and Cointelegraph data confirmed Bitcoin’s local highs over $39K on Bitstamp. The leading coin reclaimed such highs after gaining 2% within one hour.

The price move that ended the existing descending channel came after Gary Gensler, the US SEC Chair, appeared on the media. Bitcoin has struggled over the previous sessions as the market lacked the correct price movers.

The asset saw surges as the crypto industry welcomes the new official. Analysts believe that Gensler will advocate for a favorable cryptocurrency environment.

Tuesday’s speech somewhat reassured the markets, while the stretch by CNBC on Wednesday triggered Gary’s desire to highlight crypto swindles while allowing traders access to what he referred to as speculative assets.

The chair declared that Nakamoto’s innovations would require public system frameworks to accomplish their potentials. However, Gensler focused on Bitcoin than other coins.

Traders remain concerned about Gensler’s comments. Keep in mind that the recent price moves had Bitcoin dropping from its multi-week highs over $42.5K.

For now, $36,000 remains Bitcoin’s solid support. However, the level might see a massive test due to the sudden turnaround on Wednesday.

Traders Concerned About Moving Averages (MAs)

It is undeniable that Wednesday’s price action attracted attention.

Rekt Capital, an analyst, and trader believe that the coin might alleviate the fear if it secures strength at this level. With that, BTC will flip the 200-da exponential MA to a long-term resistance.

The 200 EMA, currently near $38,300, stands beneath the price spot after the episode by Gary Gensler.

Filbfilb, an analyst, commented on Cointelegraph data, saying that Bitcoin has not recovered the 20-week and 100-day MAs for now. He warned about this.

What do you think about the current market movements? Share your views below.