Bitcoin Bears Chased Out Of Market for Now – 3rd Largest Daily Gain in Price History

By Maheen Hernandez October 27, 2019 0
bitcoin bears

The recovery of Bitcoin to $10,000 has led to a new projection that the token might hit $100,000 by 2021. This expectation comes after the eccentric and unpredictable market moves of Bitcoin. 

Bitcoin enthusiasts who are bullish about the token are expecting the coin to explode over the next two years. For now, the market has chased away the Bitcoin bears.

Alex Mashinsky, chief executive of the New York-based crypto lending platform, stated that he never thought that the Facebook founder’s testimony had gotten the investors worried about an intrusion from regulators. Most of the questions with the Facebook founder did not have anything to do with cryptocurrency or the Libra.  However, the cryptocurrency markets have brightened up after the Chinese leader Xi talking about blockchain technology.

“Stablecoins Are Securities Act of 2019” is a bill that discusses managing stable coins.  The regulation requires that the managed stable coins are to be treated as securities under the SEC.  The current issue with the Bill is related to how broad the definition relates to.

Congressman Warren Davidson (R-OH) stated, “There’s Bitcoin, and Then There’s Shitcoin (Libra).”  Libra has been thinking of creating stability; however, with the coming of the Bill it might shift to being backed by Fiat currencies to avoid the security label.

The Bill states that the SEC can issue rules and regulations further to define the term “managed stable coins” and “digital coins” further on.

With the game for the Bitcoin being on over again, investors are contemplating whether this is a real bullish break.  The MACD for the BTC/USD is currently moving in the bearish zone.  The 4 hours RSI is moving to the lower area, and it is close to the 50 levels.  Major support level is seen at $8,500, and Major Resistance level is seen at $9,500.

The recent move of the Bitcoin is considered to be an influential trendsetter as Bitcoin has been trending versus several other popular search terms.  The Bitcoin price took from $7,400 to $10,500 before it fell to $9,000, where it is currently trending.

Yassine Elmandjra, a Bitcoin analyst, tweeted:  “The previous two times Bitcoin saw a >40% daily gain, it was trading at $0.40 and $5.65.  Today, Bitcoin’s 42% swing is the 3rd largest daily gain in the price history.”

Tether is busying minting more of USDT with which it expects investors to buy the Bitcoin. This is an incredibly bullish signal.