Current Bitcoin (BTC) News: Senator Lummis Alludes to a US Government Crypto Policy
HIGHLIGHT:
- On Saturday, April 6, Bitcoin (BTC) saw a 1.56% increase, ending the session at $68,979.
- Buyer demand for Bitcoin was affected by BTC-spot ETF market flow data when the 13-day Bitcoin Halving Clock indicated.
- Investors should pay attention to US politicians and the discussion around the BTC-spot ETF market on Sunday.
On Saturday, April 6, Bitcoin (BTC) saw a 1.56% increase, ending the session at $68,979. Buyer demand for Bitcoin was affected by BTC-spot ETF market flow data when the 13-day Bitcoin Halving Clock indicated.
Investors should pay attention to US politicians and the discussion around the BTC-spot ETF market on Sunday. The demand from investors for BTC-spot ETFs on Friday corresponded with increases in the Nasdaq Composite Index (+1.24%). Demand was notably still strong when the Bitcoin Halving Countdown Clock indicated 13 Days.
Recent days have seen an increase in the relevance of investor opinion over the demand forecast. On April 2, word of the US government’s intention to sell 30,000 BTC broke. The 30,000 BTC came from the Silk Road hoard, where about 51,680.33 BTC were taken by the US authorities. On April 2, the news caused a 5.95% loss; nevertheless, throughout the weekend, BTC retargeted the $70,000 handle.
Thirty thousand BTC might enter the cryptocurrency exchanges due to the BTC-spot ETF market’s strong demand and the Bitcoin Halving Event’s lower supply.
Regarding the haul from Silk Road, Senator Cynthia Lummis said on Friday
“Between a bullish budget forecast and a $2 billion Bitcoin seizure, the Biden admin’s actions are starting to suggest it sees the value in crypto assets despite publicly downplaying the industry’s potential. Is the U.S. government becoming one of the biggest HODLers?”
The prospect for withdrawals from the Grayscale Bitcoin Trust brightened as the cryptocurrency market got ready for the US government auction. According to reports, Genesis has successfully sold Grayscale Bitcoin Trust shares for $2.1 billion. Senior ETF Analyst at Bloomberg Intelligence Eric Balchunas announces the news, adding,
“Genesis: “That’s All.”
Technical Analysis
Analysis of Ethereum
The 200-day and 50-day EMAs were not much below ETH. A positive price signal was generated by the EMAs.
Bulls may be able to challenge the $3,480 resistance level if the 50-day EMA is held above. The $3,650 handle may come into play if there is a break over the $3,480 resistance level.
News about the ETH-spot ETF is worthy of investors’ attention.
On the other hand, a decline in ETH below the 50-day EMA may indicate a move towards the $3,244 support level. The $3,033 support level may become active in the event of a decline through the $3,244 support level.
Before moving into oversold territory, the 14-period Daily RSI reading of 47.42 points to an ETH decline to the $3,033 support level.
Analysis of Bitcoin
With BTC sitting securely above the 200-day and 50-day EMAs, positive price signals were sent.
A bounce to the March 14 ATH of $73,808 would be supported if Bitcoin were to rebound to the $70,000 level.
Investor attention is needed on Sunday due to the discussion around BTC-spot ETFs and US politicians.
On the other hand, if Bitcoin breaks below the $69,000 support level, the bears may be able to take the $64,000 level.
Bitcoin may surpass the record high of $73,808 with a 14-Daily RSI score of 55.14 before going into overbought territory.
