Bitcoin (BTC) faced resistance above $ 44,000 after China told local governments on September 23 to prepare for the bankruptcy of real estate giant Evergrande.
Buyers positioned below $ 40,000
According to data from Cointelegraph Markets Pro and TradingView, BTC / USD continues to fluctuate as of Thursday.
After recovering last night, the pair faced resistance above the previous support level of $ 44,000.
The pair fell to $ 43,630 at press time, following reports that China had told local governments to prepare for the possible financial consequences of the Evergrande bankruptcy.
Bitcoin investors, on the other hand, are not concerned about the current situation.
Cointelegraph columnist Michaël van de Poppe said: “Bitcoin is experiencing a slight correction as we approach resistance.” summarized.
“I think $ 42,000 will be a possible support zone for a higher bottom to form.”
Trader Pentoshi also touched on previous bull markets, noting that there were several deep corrections before higher highs were seen in the cycle.
There can be no peaks without valleys
In 2017 there were 5 corrections lasting between 13-34 days greater than 20%
This year we had 5 corrections greater than 20% and $ BTC is still currently 42.5k
Volatility is every opportunity at the end of the day.
– Pent ◎ shi won’t text you (@ Pentosh1) September 22, 2021
Tracking Resource Material Gauge data reveals a remarkable buying wall below $ 40,000.
The altcoin market gains strength
Bitcoin’s surge in the last 24 hours has also benefited major altcoins.
It may interest you: Bitcoin price claims it will follow China’s debt cycles
Solana (SOL) led the top 10 cryptocurrencies with a 12 percent increase. The largest altcoin Ether (ETH), on the other hand, was up 5.3 percent to over $ 3,000.
“I think Ether has bottomed out against Bitcoin at this stage,” Van de Poppe noted.