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Bitcoin receives second blow: Cryptocurrency in decisive zone

Concerns about the Chinese developer Evergrande have eased slightly after news that the company appears to have struck a deal with the People's Bank of China to pay interest on its loans.

But today came the second blow through the comments of US Securities and Exchange Commission Chairman Gary Gensler. In an interview with Washington, he expressed his belief that many crypto assets should be classified as securities, and then they will fall under the jurisdiction of the SEC.

Commenting on the current lack of regulation of crypto assets, Gensler noted that he feared that there could be problems with trading and lending platforms. And when that happens, many people will suffer.

Also, Michael Xu, acting head of the Office of the Comptroller, expressed a negative opinion about the crypto industry in a webcast with the Blockchain Association. Xu seriously warned cryptocurrency advocates, comparing decentralized finance in the crypto industry to the practices that led to the 2008 financial crisis.

"Crypto DeFi today is on a path similar to CDS in the early 2000s," he said.

As a result of all the shocks of recent days, the main cryptocurrency still fell under the strong mirror support level of 41,980.24, but it is still completely unclear whether this breakdown will turn out to be true.

If you look closely, the closing of Tuesday's daily candlestick did not go beyond the working support zone 40,977.38 - 41,980.24, and during today's growth, the price can also hold above it.

Given today's rebound and the fact that it is not over yet, it is possible that a bullish engulfing pattern could form. But these are only optimistic assumptions so far. However, if this happens and all of yesterday's fall is redeemed, it will be a very good sign.

In the meantime, the market has not got rid of the uncertainty. If the cryptocurrency can hold above $40,000 per bitcoin, the chances of recovery will remain. But a fall under this mark could be the beginning of a fall towards the July lows in the area of $30,000 per coin.

Meanwhile, Galaxy Digital CEO Mike Novogratz states that the current trends in the cryptocurrency market do not cause concern under the condition. But again, he calls the retention above $40,000 in BTC a condition.

Moreover, Novogratz argues that the current correction is beneficial for the system. The market had been growing a few months before, and the correction was logical. Fundamentally, the crypto expert notes that the institutional and retail demand for cryptocurrency is growing, and he sees nothing but the interest and activity from the investor and corporate clients of Galaxy Digital.

Well, the $40,000 mark remains decisive for Bitcoin one way or another. Having decided on it, the main cryptocurrency and the market as a whole will reduce the current level of uncertainty.

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The material has been provided by InstaForex Company - www.instaforex.com