Bitcoin (BTC) continued to break through support levels during trading on September 20 ahead of what promised to open a “very interesting” US stock market.
1-hour BTC / USD candlestick chart (Bitstamp). Source: TradingView
No need to worry about Bitcoin traders after visiting $ 42,500
Cointelegraph Markets Pro and TradingView data track BTC / USD. It briefly dropped to about $ 42,500 and then climbed back to $ 44,000 in volatile conditions.
Monday’s low was lower than seen earlier this month during the leveraged streak, with bitcoin testing both the weekly low and the 21-week exponential moving average (EMA) as support.
As Cointelegraph reports, a number of factors have combined to put pressure on the bitcoin market. That fear was that Evergrande would default on hundreds of millions of dollars in debt, which in turn would put pressure on stocks and strengthen the US dollar. The growth of balances on bitcoin exchanges has become an additional incentive for the market itself.
But the merchants kept the keel.
“Why are you surprised today? Don’t be too emotional, “Anbessa’s popular Twitter account told his followers in the midst of the defeat.
Anbessa believed that the only concern was the averages of $ 30,000, with bitcoin still well above $ 40,000 and the Fibonacci retracement level of $ 38,000.
For analyst and statistician Willie Woo, the opening of the stock market itself should be a topic of discussion.
“The stock price index is fluctuating, threatening big sales,” he warned ahead of Wall Street’s return.
“BTC develops a Wycoffian distribution scheme, speculators sell without risk, while investors in the chain strengthen their positions. It will be an interesting discovery for the stock market this morning. ”
Wu added that if stocks faced an even deeper crash, he could repeat the situation in 2020, when Bitcoin’s supply pressure eventually dropped from its lowest point to $ 3,000 to an all-time high, despite initial skepticism.
One-day S&P 500 candles. Source: TradingView
It was hard to shake the bull
Others were less intimidated by the events of September 20, including the famous Pentoshi trader, who showed record BTC exposure at current levels.
Related: “Best Bear Market Ever” – 5 Things To Look Out For In Bitcoin This Week
“I think 41K is possible? Yes. But I think we’ll see 56K to 58K in three weeks. I am extremely optimistic, ”he said in a commentary on today.
Meanwhile, the data of the material resource monitoring indices reflect the rapidly changing picture of spot exchanges, where liquidity was gradually taken away.