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BTC Fear & Greed Index Nears the Greed Zone on BTC Return to $22,000

Florala Chen

Feb 15, 2023 16:04

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Bitcoin (BTC) increased by 1.95% on Tuesday. BTC finished the day at $22,198, reversing a loss of 0.11% from the previous day. For the second time in seven sessions, BTC displayed green.


Before acting, BTC dropped to a low of $21,555 in the early afternoon. After avoiding the First Major Support Level (S1) around $21,450, BTC surged to a high of $22,339 in the middle of the afternoon.


 Before finishing the day at $21,198, BTC momentarily passed through the Second Major Resistance Level (R2) at $22,228 and the First Major Resistance Level (R1) at $22,001.

Silvergate Bank News and Ante-Gensler Chatter Delivered BTC Support

US economic figures on Tuesday caused BTC to reach a session low. Compared to an anticipated 6.2%, the US annual inflation rate decreased from 6.5% to 6.4% in January. Investors anticipated a more pronounced decline of inflation, despite inflation softening, to lessen the prospect of interest rates exceeding 5%.


However, afternoon support and a BTC rebound to $22,000 were given by the cryptocurrency news channels.


The bullish session was influenced by the news out of Washington, D.C. A hearing titled Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets was conducted on Tuesday by the Senate Banking Committee. Gary Gensler and the SEC's shortcomings were brought to light by concerns about their regulation through enforcement and lack of SEC advice to crypto companies.


Legislators noted Gensler's appearances on morning talk programs and called for him to testify as soon as possible.


Participants in the cryptocurrency sector are expecting that Congress would grant the CTFC more monitoring authority after Gensler and the SEC's approach to regulating the digital asset area came under scrutiny.


Following a spike in SEC action that resulted in a settlement with the SEC and the termination of US cryptocurrency staking services from Kraken and Paxos, respectively, the Senate Committee Hearing was held (BUSD).


The endorsement of Silvergate Bank by Citadel Securities Group was also positive for the cryptocurrency market. The hedge fund has a 5.5% investment in the cryptocurrency-linked bank, according to a filing with the SEC on Tuesday. Silvergate Capital Corp (SI) grew by 18.01% as a result on Tuesday. The stock has fallen 86.6% during the last year, however.


This month, Silvergate Bank has received attention. News that the US Justice Department was looking into Silvergate Bank's interactions with FTX and Alameda Research broke earlier this month.


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