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Price target at $44,000: Bitcoin (BTC) unfazed by executive order

 


Bitcoin ( BTC ) posted rapid gains when it opened on Wall Street on March 9 as excitement surrounding US regulatory action begins to calm. 


Executive Order not a big event after all

Data from Cointelegraph Markets Pro and TradingView shows that the BTC/USD pair managed to hold $42,000 as of March 9 on Bitstamp.


The pair has weathered recent macroeconomic tensions and is up over 11 percent in 24 hours . This makes the pair one of the best performers in the crypto market overall.


Traders and analysts have had a mixed reaction to this rise and can't agree on the actual significance of it. Meanwhile, fresh details on US President Joe Biden's executive order on crypto assets have allayed some market fears.


A factsheet said the order was investigative rather than draconian. The White House has taken a significantly different approach compared to last year's infrastructure bill.


"The administration will continue to work with multiple agencies and with Congress to protect against risk and lead innovation responsibly. With our allies and partners, we are working on coordinated international action that responds to national security risks. Together with the private sector, we want to." investigate and support technological advances in digital assets," it concluded.


In response , Bill Barhydt, the founder and CEO of payment service provider Abra, described the arrangement as a "nothing burger with a dose of psychobabble". Therefore, according to him, Bitcoin would now rise.


The fact sheet doesn't mention "Bitcoin" at all. There is only talk of "digital assets" and "cryptocurrencies".


"Today, the US President signed an executive order on crypto-assets. I look forward to working with colleagues across the administration as we work toward achieving key policy goals: protecting investors and consumers, protecting against illicit activities, and ensuring financial stability." , said Gary Gensler, the chairman of the US Securities and Exchange Commission, on Twitter .


According to the order, it is also envisaged that a central bank digital currency (CNDC) will be further explored by the US government.


Resistance persists

BTC price has rallied due to these events. The short-term forecasts were then revised upwards


Options trader and Twitter user John Wick sees this scenario as similar to early March.



Other people prefer to remain conservative. Crypto Ed does not expect to revisit the previous high within the range.


"BTC appears to have ended the move at $42,550. Just a marginal new high seemed enough," he commented on Twitter .


The bearish forecasts still stand . There is little evidence that Bitcoin will break above $46,000.

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