Bitcoin (BTC) briefly fell below $ 42,000 on September 25. The cryptocurrency is on its way to close the week at a not-so-impressive level.
Things are fine as long as Bitcoin is above $ 38,000
According to data from Cointelegraph Markets Pro and TradingView, the BTC / USD pair rose again after losing $ 1,000 in just one hour on Saturday.
The pair started the weekend around $ 43,000, which is considered critical for analysts.
Other analysts think that lower price levels may also be appropriate after the volatility seen on Friday and the latest point for the bulls is the $ 36-38k band.
One of these analysts is Cointelegraph columnist Michaël van de Poppe.
Van de Popper, in his post on Friday, “The critical level for Bitcoin remains the same: the $ 38-40k band. I would like it to remain at this level.” he affirmed.
“If this happens, everything is fine.”
The history of the “ban” of cryptocurrencies in China remains one of the hottest topics among commentators. The reaction of concerned investors caused cryptocurrency prices to fall.
Despite all this chaos, there has been no change in China’s outlook. The government simply reaffirmed its current approach.
MicroStrategy CEO Michael Saylor said: “In the last 10 years, nothing has made as much money as technologies that have been banned in China.” summarized.
BTC price change 60 days before and after previous China “ban” events pic.twitter.com/uyGTxB9iuJ
– Jon Geenty (@geenty) September 24, 2021
Jon Geenty, a data scientist at analytics firm CoinMetrics, shared a benchmark graph of how Bitcoin is performing after the “ban” news from China. The price of BTC has mostly stabilized after such events, contrary to popular belief.