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Bitcoin continues to grow, supporting major altcoins. As of this writing, the price has updated yesterday's high and appears to be trying to gain a foothold above the 38,610.88 level marked with a red dotted line.
This is the seventh bullish candlestick on the daily chart, the main cryptocurrency is confidently approaching the resistance at 41,980.24. And this is a strong mirrored horizontal, the upper border of a wide sideways consolidation range, in which bitcoin has been trading since a series of negative events.
This means that there is a high probability of a downward reversal. Nevertheless, strength testing is possible, although it is hard to believe in a true breakdown and consolidation above 41,980.24. But we will not renounce, you need to trade what you see, not what you think.
Nevertheless, I am inclined to believe that a strong fundamental driver will be needed to consolidate above 41,980.24. Predicting news is a thankless task, but anything can happen. The situations when someone influential like Elon Musk helped the technical picture near the key level are still fresh in my memory.
Meanwhile, the main news discussed today was the speech of Senator Elizabeth Warren.
In addition to her address to Jannette Yellen, she was interviewed by CNBC regarding regulations on the digital asset market. She said digital currencies can help where big banks have failed over the years. In particular, cryptocurrencies and CBDCs can do well in reaching consumers across the country.
The comments came as a surprise to many given her many statements against the crypto market and how its volatility puts traders at risk. She also wrote to Treasury Secretary Janet Yellen yesterday, urging regulators to take immediate action to create regulations to bring cryptocurrencies into legal action.
Warren also noted that the US financial system is facing problems right now. But it is worth looking into cryptography to see how it can benefit traditional finance, as well as to identify the problems that cryptocurrencies can provoke.
The change in Senator Warren's position on cryptocurrency causes much confusion. After all, just 24 hours ago, she called the cryptocurrency a financial network controlled by "shadowy crypto super-coders".
In 2021, a massive introduction of cryptocurrency is expected from financial giants, institutional investors, and retail traders. However, Warren notes that it is small investors who suffer because of the lack of rules. She said that she does not want to wait until a lot of small traders and investors are completely wiped out.
Nevertheless, it will probably take a long time from statements to real actions. In the meantime, small traders should watch how the big players act and stay in the same direction with them.
P.S. We keep an eye on 41,980.24.
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