Bitcoin (BTC) ended a fresh test of $40,000 on September 26 as the week’s convergence battle raged.
1 hour candlestick chart BTC/USD (Bitstamp). Source: TradingView
BTC is unlikely to stay below $40,000
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD dropped to $40,800 overnight after sellers failed to pull back $40,000 from resistance.
With challenging conditions keeping BTC price moving in tight territory, attention on Sunday focused on where the long-term bottom might be. Analysts were also frankly optimistic about what might happen next.
In a series of tweets reflecting the broader state of Bitcoin, famous trader Pentoshi saw $37,000 as a possible low.
Popular Twitter trader Pentoshi commented in a series of tweets reflecting the broader Bitcoin situation: “This looks good on HTF and probably bases on previous HHs on their way to ATH and possibly HL here at Summer PoB.” …
“While I believe that $BTC can be traded for as short as $37,000, it is unlikely that it will last long there.”
Bentoshi pointed out that there are large purchase prices in the market, ranging from $36,000 to $40,000. They are also of rare size, according to a Cointelegraph report.
“We see that orders on exchanges at these levels are stacked with a view to being fulfilled, but the actual volume of them is something I haven’t seen on most exchanges before,” he wrote.
“The lower bound is closer than you think, and the upper bound is probably a number that you can’t understand at the moment.”
BTC/USD (Binance) buy/sell level as of September 26th. Source: Physical Indicators.
Huobi deletes all Chinese users
Elsewhere, concerns about China have proven difficult to dispel.
On this topic: Cryptocurrency has recovered from research and development in China more than a dozen times over the past 12 years.
Huobi exchange has received 10,000 BTC as it prepares to close operations in China, which is still small compared to what was seen last month.
Huobi BTC balance chart. Source: Bybt
“In accordance with local laws and regulations, Huobi Global has suspended registration of new user accounts in mainland China as of September 24, 2021 (UTC+8),” the exchange said in an announcement published on Sunday.
“Huobi Global will gradually remove existing user accounts from mainland China by 24:00 (UTC+8) on December 31, 2021, and secure user assets.”
As Cointelegraph reports, despite extensive media coverage, nothing has changed in China’s stance on cryptocurrencies, with the ban on cryptocurrencies largely unchanged since September 2017.