Bitcoin (BTC), which was retested on Sept. 26, secured another $40,000 as a retest, as the battle for the weekly close continued.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
BTC is “unlikely to linger below $40,000
Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD dropped to $40,800 overnight after a failed attempt by sellers to turn $40,000 back into resistance.
With BTC price action confined to a narrow range due to stubborn conditions, Sunday’s focus was on the long-term bottom. Analysts were also conspicuously bullish about what might happen in the future.
Pentoshi, a popular trader in Bitcoin, suggested that a $37,000 floor could be found.
“This looks healthy in the HTF’s, and is likely forming a basis over the previous HH’s on the way to ATH’s and possibly a HL here the Summer PoB,” Pentoshi, a popular trader on Twitter, commented in a series tweets reflecting on Bitcoin’s wider state.
“While $BTC may briefly trade at 37k, it is not likely to remain there for long,”
Pentoshi reported that there were significant buyer biddings for the property in the range of $36,000 to $40,000. These are, according to Cointelegraph, rare in terms size.
He wrote that “we can see bids have stacked on exchanges in those levels with intent to fill, but their sheer size is something we’ve never seen before across most of the exchanges.”
“The bottom is closer than what you think and it is probably a number that you don’t understand at the moment.”
BTC/USD buy/sell levels (Binance) as at Sept. 26. Source: Material Indicators
Huobi will “retire all Chinese users”
Concerns over China were also difficult to shift sentiments.
Related: Crypto has been able to recover from China’s FUD more than a dozen times over the past 12 years
Exchange Huobi experienced 10,000 BTC inflows last month as it prepared for a halt to its Chinese operations. However, they were still small in comparison with the ones that occurred just last month.
Balance chart for Huobi BTC Source: Bybt
Huobi Global announced Sunday that account registrations for new users in Mainland China have been halted to comply with local laws.
“Huobi Global will gradually withdraw existing accounts in Mainland China by 24:00 (UTC+8) Dec 31, 2021 and ensure the safety of user assets.”
Cointelegraph reported that despite media attention, China’s crypto stance has not changed. Its crypto ban is still in effect and has remained virtually unchanged since September 2017.