Trader gives $44K BTC price target as Bitcoin shrugs off executive order 'nothingburger'

Bitcoin (BTC) held onto swift gains astatine the Wall Street unfastened connected March 9 arsenic nerves implicit U.S. regulatory moves calmed. 

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Executive bid enters with a whimper

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD maintaining $42,000 into the commencement of trading Wednesday.

The brace had shrugged disconnected the latest circular of macro tensions to add implicit 11% successful 24 hours, among the champion movers successful the broader crypto market.

Despite mixed feelings implicit the existent value of the determination among traders and analysts, caller accusation astir U.S. President Joe Biden's enforcement bid connected cryptoassets appeared to allay immoderate of the market's fears.

An accompanying fact sheet seemed to constituent to the bid being much investigative than draconian, making the White House's latest efforts decidedly dissimilar past year's Infrastructure Bill.

"The Administration volition proceed enactment crossed agencies and with Congress to found policies that defender against risks and usher liable innovation, with our allies and partners to make aligned planetary capabilities that respond to nationalist information risks, and with the backstage assemblage to survey and enactment technological advances successful integer assets," it concluded.

Reacting, Bill Barhydt, laminitis and CEO of outgo gateway Abra, called the bid a "nothing burger with a broadside of psychobabble" and said that Bitcoin was rallying arsenic a result.

The information expanse itself did not notation "Bitcoin" astatine all, referring lone to "digital assets" and "cryptocurrencies."

"Today, POTUS signed an Executive Order connected crypto-assets. I look guardant to collaborating with colleagues crossed the authorities to execute important nationalist argumentation goals: protecting investors & consumers, guarding against illicit activity, & helping guarantee fiscal stability," Gary Gensler, seat of the Securities and Exchange Commission (SEC), wrote connected Twitter.

Among the order's plans was a pledge to further probe into a cardinal slope integer currency, oregon CBDC, connected the portion of the U.S. government.

Range absorption not tipped to beryllium broken

Buoyed by the events, BTC terms enactment frankincense allowed marketplace players to propulsion higher successful their short-term forecasting.

Related: Bitcoin transaction fees concisely doubled yet stay exceptionally low

For options trader and pseudonymous Twitter idiosyncratic John Wick, the script was present akin to that successful which BTC/USD recovered itself earlier successful March.

— John Wick (@ZeroHedge_) March 9, 2022

Others remained conservative, with Crypto Ed not expecting a rematch of the erstwhile scope high.

"BTC looks similar it finished that determination astatine $42,550 Just a marginal caller precocious was capable apparently," helium wrote successful his latest Twitter update.

Bearish prognoses nevertheless remained, with precious small motion that Bitcoin would interruption retired from its scope precocious adjacent $46,000.