The world’s biggest and best-known cryptocurrency Bitcoin has gained positive movement from second consecutive day from the year’s low of $27,734. Continued macro events last week took the market by surprise and accelerated the fall in prices. China’s crypto trading cryptocurrency was hit hard last week, and the announcement came as a shock to Bitcoin and Altcoin prices, which sent shockwaves across the market, but as is the case with all things crypto-related, the market bounced back as resilient traders found other ways to participate in the market.

The impact of the Evergrande loan installment (over $ 300M) on the Chinese economy and the FED announcement program will begin to change the economic stimulus by the end of the year. It is said that the increase in inflation rates due to the increase in the money supply in circulation will benefit the cryptocurrencies because their program deficit is ideologically at its opposite pole. In the short term, however, as the stock market sells faster, cryptocurrencies go after it. Meanwhile, billionaire private equity investor Orlando Bravo has revealed that he owns Bitcoin and is very bullish about its prospects; companies have just begun to ship.

Part of China’s goal in controlling the ability of citizens to trade in cryptocurrency seems to focus on encouraging the use of cryptocurrencies and the emerging decentralized financial (DeFi) ecosystem, but the opposite seems to be the case with token pricing and protocol action for projects such as Uniswap (UNI) and dYdX have seen a surge since the crackdown began. This suggests that crypto holders in the region are shifting their possessions around in response to regulatory crackdown. Increased mobility is occurring in the East Asian region, with decentralized exchanges such as Uniswap and decentralized derivatives dYdX increasing as traders in China seek safe haven for their crypto operations.

On the other hand, the crypto market returned much higher the day before yesterday’s US session, after a positive comment by SEC Chairman Gary Gensler on potential Bitcoin ETFs. He said the Bitcoin ETF, based on the future of the Chicago Mercantile Exchange trading Bitcoin Futures, would receive ‘significant investor protection’ due to the Investments Company Act of 1940. The SEC is currently looking at 20 ETF Fillings for future products of Bitcoin and Ethereum, according to reports. This is the second time that Gensler has commented positively on Bitcoin and Ethereum ETFs.

BTC/USD 4 Hour Chart:

Support: 41845.8 (S1), 39938.5 (S2), 38804.6 (S3).

Resistance: 44886.9 (R1), 46020.8 (R2), 47928.1 (R3).

Amidst these above catalysts Bitcoin is gaining on its way and recovered from this year losses. We expect a bullish trend for BTC/USD.