Key Insights:
- BTC ended a five-day winning streak on Wednesday, falling by 0.71%.
- Anti-crypto rhetoric on Capitol Hill left BTC and the broader market in negative territory.
- DOGE bucked the trend, with DOGE hitting $0.10 for the first time since February 2023.
Bitcoin
On Wednesday, bitcoin (BTC) declined by 0.71%. After a 4.94% rally on Tuesday, BTC ended the session at $43,793. Significantly, BTC ended a five-day winning streak.
Anti-crypto rhetoric from Capitol Hill tested buyer appetite on Wednesday. JPMorgan Chase (JPM) CEO Jamie Dimon grabbed the news headlines after a tirade during a Senate Committee hearing. Addressing Senator Elizabeth Warren, the JPM CEO tirade revealed the fear level on Wall Street about the possible impact of crypto on the banking industry, saying,
“I’ve always been deeply opposed to crypto, bitcoin, etc. You pointed out that the only true use case for it is criminals, drug traffickers, anti-money laundering, and tax avoidance. That is a used case. Because it is somewhat anonymous, not fully, because you can move money instantaneously because it doesn’t go through, as you mentioned, all these systems built up over many years. Know Your Customer, Sanctions, OFAC, they can bypass all of that. If I was the government, I would close it down.”
While Jamie Dimon grabbed the news headlines, US House Committee on Financial Services Chair Patrick McHenry announced his retirement. The crypto advocate will step down at the end of his current term. Senator Cynthia Lummis responded to the announcement, saying,
“Patrick McHenry has honorably served the people of North Carolina’s 10th district and has been a champion of financial innovation as the chair of the Financial Services Committee. I appreciate the work we’ve done together on crypto and look forward to passing meaningful crypto legislation in 2024.”
Senators Cynthia Lummis and Kirsten Gillibrand filed the Lummis-Gillibrand Responsible Financial Innovation Act in June 2022. Progress toward legislation that drives innovation but protects investors could be a boon for BTC and the broader market.
DOGE Hit a Wednesday High of $0.1063
On Wednesday, dogecoin (DOGE) rose by 0.74%. Following a 2.61% gain on Tuesday, DOGE ended the session at $0.0950. Significantly, DOGE struck a Wednesday high of $0.1063 before easing back.
Dogecoin celebrated its 10th anniversary in style. Transaction news contributed to the positive session. According to Whale Alert, an investor transferred 72,620,166 DOGE, equivalent to $7,178,501, from Robinhood (HOOD) to an unknown wallet.
On Thursday, DOGE was up 1.79% to $0.0967.
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The crypto news wires and BTC-spot ETF-related updates will influence investor sentiment.
However, a break below the $42,900 support level would support a fall to the $41,585 support level.
The 14-Daily RSI reading, 79.75, shows BTC in overbought territory. Selling pressure may intensify at the Tuesday high of $44,529.
Ethereum Analysis
ETH held above the 50-day and 200-day EMAs, with the EMAs reaffirming bullish price signals.
An ETH move through the $2,300 resistance level would bring the $2,500 handle into play.
However, a drop below the $2,200 handle would give the bears a run at the $2,143 support level.
The 14-period Daily RSI at 66.86 shows ETH in overbought territory. Selling pressure will likely intensify at the $2,300 resistance level.
