Strong gains can be spotted across the cryptocurrency market today. US President Joe Biden is expected to sign an Executive Order on cryptocurrencies today that may pave the way for a broader adoption of digital assets. While details are scarce so far, the US Treasury may have spoiled the announcement with a statement that has already been deleted from its website. In the statement, the US Treasury said that the Executive Order will support "responsible innovation that could result in substantial benefits for the nation, consumers, and businesses."
Taking a look at BITCOIN chart at the D1 interval we can see that a big reversal occurred this week. After a week-long pullback, Bitcoin managed to halt declines at 78.6% retracement of the upward move launched in July 2021 ($37,500 area). A strong upward move was launched today with price jumping almost 9%. Should the upward move continue, the nearest resistance zone to watch can be found ranging around 61.8% retracement ($44,300 area). Note that this zone also serves as the upper limit of a current short-term trading range.
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Source: xStation5
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