The BTC volatility continues as its price closes in an overcritical weekly close and the rest of the market also crashed due to the unstable Chinese market so let’s read more in our latest Bitcoin news.
The BTC Volatility continues as BTC dropped below $42,000 as the weekend looked set to deliver the weekly close and the data from Tradingview showed that the BTC/USD pair lost $1000 in just an hour after rebounding. The weekend started with the pair at around $43,000 which is a critical level since is where teh weekly close looms. Others argued that the lower price actions would be suitable for the BTC aftermath of the Friday volatility with the $36,000 being cut off for the bulls. Analyst Michael van de Poppe noted:
“The critical level for Bitcoin is still the same, which is between $38-40K I’d prefer to see the level hold. If that happens, everything is fine.”
The china ban story is still dominating the debate and it is involving some of the industry’s best-known names for a reaction as well as from the nervous traders that sent the crypto tumbling down. Despite the chaos, nothing from China really changed with teh government repeating the existing position so when the ban started in 2017, BTC saw a new all-time high three months later. Michael Saylor, CEO of Microstrategy claimed:
“Nothing has created more wealth in the past decade than technologies banned in China.”
A data scientist from the analytics company CoinMetrics, Jon Geenty, produced a comparative chart that shows how BTC performs after the China ban. Contrary to the fears, the BTC price action stabilized after these events, and the market cap lined up to support the retest. The outlook for the rest of the altcoins remained bleak thanks to Bitcoin dobulbing down ont the lower levels. ETH stood at $2825 near the crucial $2800 support level for the bulls while most of the top ten cryptos by market cap lost 6-7% on the day. Van de Poppe warned:
“Altcoin market capitalization also on crucial level here.”
BTC Price change 60d pre and post prior China "ban" events pic.twitter.com/uyGTxB9iuJ
— Jon Geenty (@geenty) September 24, 2021
The total market cap of all cryptocurrencies across the market, with the combined prices of all tokens in circulation, dropped by about 5% today as the Chinese government again made it very clear that their negative stance towards crypto remains.
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