It was a bullish Wednesday session, with BTC rising 3.96%, to end the day at $28,344. The SEC’s targeting of crypto platforms failed to scare off investors, hoping to end the SEC’s rule-enforcement reign and a supportive Ripple victory. Technical indicators remain bullish, with $30,000 in sight.

On Wednesday, Bitcoin (BTC) rose 3.96%. Following a 0.51% gain on Tuesday, BTC ended the day at $28,344. BTC held control of $28,000 for the first time in six sessions.

A mixed start to the day saw BTC drop to a low of $27,253 in the first hour. Moving away from the first major support level (S1) at $26,758, BTC rallied to a late-morning high of $28,649. BTC broke through the first major resistance level (R1) at $27,651, and the second major resistance level (R2) at $28,036 to close the day at $28,344.

Gary Gensler News and Hopes of a Ripple Gain Return BTC to $28,000

Wednesday was another busy day, with US lawmakers providing support for BTC prices. On Wednesday, House Financial Services Chairman McHenry announced that Gary Gensler will appear before a digital assets subcommittee on April 18 to discuss his rulemaking and approach to digital assets. Investors responded to the news with optimism. The announcement coincided with growing optimism of a Ripple victory in the SEC vs. Ripple case.

The SEC chairman has proved elusive on Capitol Hill. US lawmakers sent Gary Gensler a letter in March 2022, questioning the SEC’s specific approach towards crypto companies.

Regulatory activity, as well as the talk of US lawmakers, remain the focal points. The CFTC and SEC are responding to calls from the White House to intensify scrutiny of the digital asset space. However, US lawmakers continue to challenge SEC regulation using the enforcement approach.

While the regulatory talk remains the focal point, updates to the ongoing SEC vs. Ripple case, and news related to Binance and Coinbase (COIN), will also move the dial. A Ripple win would be a boon for the crypto market.

Bitcoin (BTC) Price Action – Technical Indicators

This morning, BTC was down 0.01% at $28,341. A range-bound start to the day saw BTC rally to an early high of $28,355, before pulling back.

BTC needs to avoid the pivot at $28,082, to target the first major resistance level (R1) at $28,911, and resistance at $29,000. A move through Wednesday’s high of $28.649 would indicate an extended bullish session. Crypto news wires need to be crypto-friendly to support a prolonged rally.

In the event of a prolonged rally, BTC would likely test the second major resistance level (R2) at $29,478, and resistance at $29,500. The third major resistance level (R3) sits at $30,874.

BTC settled above the 50-day EMA ($27,516). The 50-day EMA has turned away from the 100-day EMA, and the 100-day EMA has turned from the 200-day EMA, sending bullish signals.

A hold above the 50-day EMA ($27,516) would support a break of R1 ($28,911) to target R2 ($29,478) and $30,000. However, a drop through the 50-day EMA ($27 516) and S1 ($27,515) would bring less than $27,000 and the 100-day EMA ($26,694) into play. A drop through the 50-day EMA would send a bearish signal.

By Audy Castaneda


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