Crypto-Positive US Senate Hearing, Price Action Making Bitcoin Bott...

Everybody loves feel-good crypto-optimism, right?

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Earlier this week, the "US Senate Committee on Banking", along with the Chairman of the SEC and CFTC, met to discuss Bitcoin and virtual currency. Usually, these sorts of "meetings" aren't exactly expected to be bullish for cryptocurrency in general. They tend to be brainstorming sessions for the government to determine how best to either tax or restrict our assets.

In this case, however, the tone was relievingly even-handed. If you are curious, I'd encourage you to check out the highlights on YouTube (or elsewhere, if possible). I won't bother to recount the meeting as I'm not familiar with any specifics from it that merit repeating.

I would say the quote that best captures why I found the meeting's tone a pleasant surprise would be this one, highlighted by CryptoBobby (see his video in the sources below for more):

CFTC Chairman Giancarlo: “We owe it to this new generation to respect their interest in this new technology with a thoughtful regulatory approach.”

This is certainly good news for the bottom call we put in around $6060 earlier this week. $8000 has been holding solidly for a day or two. I know it's far too early to declare victory, but each moment we spend above $8000 with a fairly healthy (relatively speaking) looking chart increases the likelihood that this bottom will hold. External news of the positive variety can only help, especially since we touched the bottom amid more bad news from Chinese regulation and big problems at the Binance exchange.

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Trend line at roughly 0 on the MACD. Here's to holding it!

Incidentally, Bitcoin Cash has also recovered very strongly from its bottom at $750, even more strongly than Bitcoin. It was a real steal at $750.00, and it looks like someone's large limit buy order at exactly $750.00 stopped the crash on February 6th. One worth keeping an eye on.

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