Bitcoin, Dogecoin Rise, Ethereum Falls As Pro-Crypto Paul Atkins Sworn In As SEC Chair: Top Analyst Declares Multi-Month BTC Downtrend Over – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC) #CriptoNews

Bitcoin rose higher Monday as pro-cryptocurrency Paul Atkins was sworn in as the new chairman of the Securities and Exchange Commission.

What Happened: The apex cryptocurrency touched an intraday high of $88,821.47 after crossing $87,000 the day before, as investors cheered the breakout following weeks of sideways price action.

The excitement was reflected through a 98% jump in trading volumes to $38.64 billion.

The uptick, however, failed to lift Ethereum out of the doldrums, as the second-largest cryptocurrency fell below $1,600.

Bitcoin’s dominance reached 63.7%, signaling continued rotation of capital from altcoins to the leading digital asset.

The sentiment may have been bolstered overnight by news of Atkins’ swearing-in as the 34th SEC Chair. Atkins had previously stated that building a regulatory framework for digital assets would be his top priority.

Total liquidations reached $270 million in the last 24 hours, with nearly equal number of bullish and bearish bets erased.

Bitcoin’s Open Interest rose 3.06% in the last 24 hours, representing an increase of $3.52 billion. That said, nearly 59% of Binance traders with an open BTC position were positioned short.

The market sentiment improved from “Fear” to “Neutral,” according to the Crypto Fear and Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $2.74 trillion, following an increase of 0.76% in the last 24 hours.

Major stock averages ended the session in the red.  The Dow Jones Industrial Average fell 971.82 points, or 2.48%, to end at 38,170.41. The S&P 500 lost 2.36% to close at 5,158.20, while the tech-heavy Nasdaq Composite finished 2.55% lower at 15,870.90.

The sell-offs came after President Donald Trump intensified his attack on Fed Chair Jerome Powellaccusing him of prior political favoritism and calling for “preemptive” interest rate cuts.

Meanwhile, gold surged to a record high above $3,400 per ounce, reflecting a 0.23% increase from the previous day.

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Analyst Notes: CryptoQuant’s Head of Research, Julio Morenoidentified $91,000-$92,000 as a potential Bitcoin resistance level, which corresponded to the Trader’s On-chain Realized Price.

“The trader’s realized price acts as support when market conditions are bullish (green area, bull score >= 60), and as resistance when market conditions are bearish (red area, bull score <= 40)," Moreno explained.

Widely followed cryptocurrency analyst Rect capital commented on Bitcoin’s breakout, stating that the “multi-month downtrend” was over.

“And when a technical downtrend is broken… technical uptrends emerge,” Rekt Capital added.