BTC Bulls Eye $30,000 as US Lawmakers Target the SEC Chair

Bob Mason
Updated: Mar 30, 2023, 05:09 UTC

It was another bullish session for BTC on Wednesday, Sentiment toward the SEC v Ripple case and Gary Gensler news bring $30,000 into view.

BTC technical analysis - FX Empire

In this article:

Key Insights:

  • It was a bullish Wednesday session, with BTC rallying 3.96% to end the day at $28,344.
  • SEC targeting of crypto platforms failed to spook investors, with hopes of an end to the SEC reign of enforcement by regulation and a Ripple win delivering support.
  • The technical indicators remain bullish, with $30,000 in view.

On Wednesday, bitcoin (BTC) rallied 3.96%. Following a 0.51% gain on Tuesday, BTC ended the day at $28,344. BTC held onto the $28,000 handle for the first time in six sessions.

A mixed start to the day saw BTC slip to a first-hour low of $27,253. Steering clear of the First Major Support Level (S1) at $26,758, BTC rose 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 wrap up the day at $28,344.

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

It was another busy day on Wednesday, with US lawmakers delivering BTC price support.

On Wednesday, House Financial Services Chair McHenry announced that Gary Gensler would appear before a digital assets subcommittee on April 18 to discuss his rule-making and approach to digital assets.

Investors responded to the news bullishly. The announcement coincided with increasing optimism of a Ripple victory in the SEC v Ripple case.

The SEC Chair has proven elusive on Capitol Hill. US lawmakers sent Gary Gensler a letter in March 2022 questioning the SEC’s targeted approach towards crypto firms.

The Day Ahead

Regulatory activity and US lawmaker chatter remain the focal points. The CFTC and the SEC are responding to White House calls to intensify the scrutiny of the digital asset space. However, US lawmakers continue to question the SEC’s regulation by enforcement approach.

Increased scrutiny of US regulators would deliver BTC and broader crypto market support.

While regulatory chatter remains the focal point, updates from the ongoing SEC v Ripple case and Binance and Coinbase (COIN)-related news will also move the dial. Expect updates from the SEC v Ripple case to have more influence. A Ripple victory would be a boon for the crypto market.

US economic indicators and central bank commentary could move the dial this afternoon. US jobless claims and GDP numbers are in focus. An unexpected jump in jobless claims would test buyer appetite as investors look for cracks in the US economy.

Bitcoin (BTC) Price Action

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

BTC holds steady.
BTCUSD 300323 Daily Chart

Technical Indicators

BTC needs to avoid the $28,082 pivot to target the First Major Resistance Level (R1) at $28,911 and resistance at $29,000. A move through the Wednesday high of $28,649 would signal an extended bullish session. The crypto news wires should be crypto-friendly to support an extended rally.

In the event of an extended 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.

A fall through the pivot would bring the First Major Support Level (S1) at $27,515 into play. However, barring a crypto event-fueled sell-off, BTC should avoid sub-$27,000 and the Second Major Support Level (S2) at $26,686. The Third Major Support Level (S3) sits at $25,290.

BTC resistance levels in play above the pivot.
BTCUSD 300323 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. BTC sat above the 50-day EMA ($27,516). The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, sending bullish signals.

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

EMAs are bullish.
BTCUSD 300323 4 Hourly Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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