Bitcoin and Ethereum: Price recovery
- For the third day in a row, the price of Bitcoin is in a bullish trend alongside a strong dollar.
- Yesterday, the price of Ethereum rose sharply from $1000 to $1100.
- The United States Securities and Exchange Commission is considering whether to waive certain rules in its bid to regulate the cryptocurrency market.
Bitcoin chart analysis
For the third day in a row, the price of Bitcoin is in a bullish trend alongside a strong dollar. Today we managed to climb up to the $21000 level. The moving averages have moved to the bullish side, and based on that, we can expect a further continuation of the Bitcoin price recovery. Now we need another break above $21000 and to consolidate above that level. Potential higher targets for us are $21200 previous high, $21400-21500 previous consolidation, and $22000 resistance zone. We need a new negative consolidation and a pullback towards the $20400 previous support zone for a bearish option. If that zone does not give us support, we probably go down to the $20,000 big psychological zone. A price break below would probably drop us to a test of the $19,000 level.
Ethereum chart analysis
Yesterday, the price of Ethereum rose sharply from $1000 to $1100. Today we have consolidation above $1200, and we can see gradual progress. Today’s maximum is at the $1235 level. We are entering the critical zone because we already tried to climb above at the beginning of the month. The July high was at $1275 on July 8. If this positive consolidation continues, we could test that level again, make a potential break and climb up to the $1300 resistance zone. We need a negative consolidation and a pullback below the $1200 level for a bearish option. After that, the price of Ethereum could continue towards the $1100 support zone. Lack of strength to maintain at that level, the price will slide towards the $1000 level.
Market overview
The United States Securities and Exchange Commission is considering whether to waive certain rules in its bid to regulate the cryptocurrency market. United States Securities and Exchange Commission Chairman Gary Gensler said in an interview that the agency might consider exempting crypto companies from certain securities laws. SEC Chairman Gary Gensler said this during an interview with Yahoo! Finance on July 15.
Hopefully, the exemption will convince more crypto companies to comply with the regulations in general. At the same time, Gensler emphasized that several crypto companies operate outside the compliance standards, although he did not highlight any specific names. The SEC is considering offering a more tailored set of rules to the cryptocurrency market, which could benefit the industry. The crypto market has also shown a willingness to work within the law and follow compliance standards. Willingness for crypto companies to comply may not be an option soon. US authorities, like those around the world, are taking a more proactive approach to regulate the crypto market.
