Bessent Pushes Warsh Confirmation as DOJ Probe Fuels 15% Bitcoin Rally
US Treasury Secretary Scott Bessent urged the Senate Banking Committee to begin confirmation hearings for Fed nominee Kevin Warsh despite an ongoing DOJ grand-jury investigation into current Fed Chair Jerome Powell over multi-year Fed building renovation spending. Republican Senator Thom Tillis has signalled he may block or delay the process to protect Fed independence, creating procedural uncertainty. The dispute amplified market volatility: bitcoin (BTC) jumped roughly 15% in about 15 hours, climbing from near $60k to above $68k (article shows recent prints ~ $70.9k). On-chain activity included a large whale deposit — reported by the outlet as Garrett Jin moving 5,000 BTC to Binance (~$351M) — which may increase liquidity or signal positioning ahead of potential macro shifts. Analysts note Warsh is seen as a more hawkish Fed pick, potentially delaying rate cuts; such policy expectations could pressure risk assets if confirmed. Technical indicators cited: RSI ~35 (suggesting oversold), EMA20 near $78k, with support/resistance levels at ~70.6k (S1), 67.3k (S2) and resistances at ~72.2k and ~79.0k. Traders should expect heightened volatility while the nomination and DOJ probe unfold — watch confirmations, committee votes, on-chain whale flows, and BTC key levels for short-term entries and risk management. This is informational and not investment advice.
Bullish
The article links a political-development-driven surge in BTC prices to uncertainty around the Fed chair nomination and an ongoing DOJ probe. Short-term bullishness is justified because: 1) Political uncertainty and delayed Fed policy action often boost risk assets as markets price in slower or deferred tightening; 2) The reported 15% intraday move and large whale deposit (5,000 BTC) indicate strong buyer demand and increased liquidity, which can sustain upward momentum; 3) Market reaction to leadership uncertainty has historically produced rallies when investors anticipate looser near-term policy or market-driven flows (e.g., BTC rallies during geopolitical or policy uncertainty when fiat or risk premia shift). However, the bullish classification is short-to-medium term — a confirmed hawkish Fed pick (Warsh) or negative DOJ findings against Powell could flip sentiment bearish. Traders should watch confirmation votes, Fed communications, on-chain whale behavior, and the technical levels noted (support ~70.6k/67.3k; resistance ~72.2k/79.0k) to manage risk and adapt position sizing.