Bitcoin (BTC) briefly fell below $ 42,000 on September 25 as the weekend looked set to offer an unimpressive weekly close.
Trader: Bitcoin “fined” above $ 38,000
Data from TBEN Markets Pro and TradingView showed BTC / USD to lose $ 1,000 in just over an hour on Saturday before rebounding.
The weekend had started with the pair at around $ 43,000 – a critical level some say should hold as the weekly close looms.
Others argue that a price cut would also suit Bitcoin following Friday’s volatility, with $ 36,000 to $ 38,000 the cutoff point for bulls.
Among them is Michaël van de Poppe, collaborator of TBEN.
“The critical level for Bitcoin is still the same, which is between $ 38,000 and $ 40,000, I would prefer the level to hold,” he said. Recount Twitter followers late Friday.
“If that happens, all is well.”
Among commentators, the story of China’s “ban” still dominated the debate, this string of the industry’s best-known names after a knee-jerk reaction from nervous traders that brought cryptocurrencies down.
Despite the chaos, nothing in China had really changed, with the government reiterating its current position. As TBEN noted, when the “ban” began in September 2017, Bitcoin conversely hit a new all-time high three months later.
“Nothing has created more wealth over the past decade than the technologies banned in China,” Michael Saylor, CEO of MicroStrategy, claims.
BTC price change 60 days before and after China’s “ban” events pic.twitter.com/uyGTxB9iuJ
– Jon Geenty (@geenty) September 24, 2021
Jon Geenty, data scientist at analytics firm CoinMetrics, meanwhile produced a comparison chart showing Bitcoin’s performance after each Chinese “ban” story. Contrary to fears, BTC price action has actually stabilized after such events.
Crypto market cap lines up broad new test of support
The outlook for altcoins remained bleak that day, thanks to Bitcoin doubling to lower levels.
Related: 24/9 Price Analysis: BTC, ETH, ADA, BNB, XRP, SOL, DOT, DOGE, AVAX, LUNA
Ether (ETH) was around $ 2,825, near the essential support level of $ 2,800 for bulls, while most of the top ten cryptocurrencies by market cap lost 6-7% on the daytime.
“Altcoin’s market capitalization is also at a crucial level here”, Van de Poppe warned, adding that the crypto’s total market cap could still see a “nice new test” of support at its weekly close.
Total market capitalization for #Crypto do a nice retest here?
Depending on the weekly level, but crucial. pic.twitter.com/JcK1zDo22m
– Michaël van de Poppe (@CryptoMichNL) September 25, 2021