Bitcoin (BTC) surged to $ 40,000 on September 21 as attention returned to US regulators.

$ 45,000 target appears for bulls

Data from Cointelegraph Markets Pro and TradingView show BTC / USD is around $ 43,000 as of Tuesday new comment by Gary Gensler, chairman of the Securities and Exchange Commission (SEC).

BTC price action stabilized the day after another drop marked the first test of $ 40,000 support since August.

While traders remain cautiously optimistic about the outlook, the shadow of Evergrande, obliterated by a holiday in China, is still obscuring the big mood.

“I’m not too excited about this jump,” summed up the popular trader Crypto Bullet in its latest update.

“Definitely great to see some strength in Bitcoin, but all in all it still looks bearish to me.”

He added that the $ 46,500 payout would be a deal breaker to revert to an optimistic view, a claim repeated elsewhere.

Filbfilb, an analyst with the Decentrader trading platform, told Telegram channel subscribers that day: “Getting 45,000 back in support is a bullish target.

Meanwhile, Tuesday night was scheduled for Gensler, who was mentioned in his comments on stablecoins, to cement his stance on cryptocurrency in an interview with the Washington Post.

Don’t you mind foreign exchange reserves?

On the subject of China, analysts are taking a longer-term approach, arguing that events like the potential Evergrande explosion are what led to the creation of Bitcoin.

Related: ‘Best Bear Market Ever’ – 5 Things To Watch For Bitcoin This Week

“A gentle reminder that BTC is often sold out at short notice due to global macroeconomic uncertainties … Written in this week.

Historical precedents have fueled the bullish cause, with others suggesting that March 2020 was the stepping stone to Bitcoin’s new all-time high after its initial plunge to $ 3,600.

As a result, worries such as rising foreign exchange reserves on the major Binance exchange are no longer an issue.

“Yes, Binance’s BTC balance is growing, indicating a sale from China. In context, however, this is a trend that spanned several weeks and all foreign exchange flows have remained neutral for the past few days, ”said analyst William Clemente. speak as part of a commentary on the phenomenon.