Bitcoin (BTC) returned to nearly $29,000 on March 23 as bulls ignored news of renewed crackdowns by US regulators.
BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView
Bitcoin shrugs from Coinbase, arrest of Do Kwon
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining nearly 8% from its overnight lows to challenge Bitstamp’s nine-month highs.
The pair sustained volatility as the dust settled over the previous day’s rate decision and related Federal Reserve comment.
Although Fed Chair Jerome Powell gave mixed signals on how and if rate hikes would continue, crypto market commentators argued that the sudden drop Bitcoin experienced was overdone.
“Remember the panic and calls for a drop next time you get a pulldown during an HTF uptrend,” popular trader Crypto Chase wrote in part of the Twitter analysis.
Among those now eyeing a continuation of the uptrend was Crypto Ed, who saw Bitcoin fill its retracement zone.
Sentiment has even managed to remain upbeat despite news that the U.S. regulator, the Securities and Exchange Commission (SEC), had started targeting crypto firms, most notably Coinbase, whose shares fell 20% on Wall Street.
See Also: Hindenburg Research reports blocking short positions, allegations of fraud relief and inflated ratios
The reported arrest of Do Kwon, the founder of blockchain firm Terraform Labs and responsible for the 2022 Terra LUNA implosion, also failed to dampen performance.
“You can try to fade it, but we’re just going to keep broadcasting from here,” fellow Kaleo added in his latest of his signature bullish BTC price take after reiterating that $40,000 is a “magnetic” price target.
Risk assets are returning with a bang
Bitcoin and cryptocurrencies like Litecoin (LTC) weren’t the only assets to rally on the day.
Related: U.S. law enforcement agencies are fueling crypto crime
US stocks were trying to erase their own post-Fed losses, with the S&P 500 up 1.2% on the day at the time of writing.
Gold, meanwhile, hit $195.15, gaining an impressive 3.1% from previous daily lows and nearing a $2,000 rematch.
XAU/USD 1 hour candlestick chart. Source: TradingView
“We are still in the vacuum of relief, the ‘echo’ bubble. The time when the potential process of halting rate hikes remains bullish and there is no clear recession until reality kicks in,” said Cointelegraph contributor Michaël van de Poppe, founder and CEO of the trading company Eight.
Van de Poppe agreed that $40,000 is now a longer-term target for BTC/USD.
The views, thoughts, and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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