October 1 changed the market situation. If yesterday we saw the fight between bears and bulls for the level of 43000 dollars. And today we are observing the movement of the BTC/USD pair above 47000. In just 5 hours, the price of Bitcoin added $3000. This is how Bitcoin and the cryptocurrency market reacted to the words of the head of the US Federal Reserve, Jerome Powell. In his interview, the head of the FRS of the United States said that the United States is not going to ban cryptocurrencies. The committee’s attention will be focused on the regulation of the cryptocurrency market. Special attention will be paid to stablecoins. As we remember, China, on the contrary, has banned cryptocurrencies and any activity related to cryptocurrencies. These words of Jerome Powell were a real gift for the bulls.
The price of Bitcoin instantly reacted to the statements of the head of the Federal Reserve. The BTC/USD pair started a bullish rally and came close to the mark of $48000. Thus, the BTC/USD pair has overcome several important resistance levels at 44000, 44900. However, to go above the range that has been going on since the beginning of September, the BTC/USD pair needs to overcome its upper border of 48600. But before that, the BTC/USD pair will have to overcome the resistance around 47650. A breakout of this level will send the BTC/USD pair to the area of 48600, then to 50000.