CRYPTO

Bitcoin could hit K 37K but traders say BTC price will top ‘numbers you don’t understand’


Bitcoin (BTC) stopped re-testing another 000 1,000,000 on September 2nd due to the ongoing battle for weekly closure.

BTC / USD 1 hour candle chart (bitstamp). Source: Tradingview

BTC is unlikely to be below ,000 40,000

Data from Cointelegraph Markets Pro and TradingView show that BTC / USD fell to 40,800 overnight, after a failed attempt to repay 40 40,000 of resistance from sellers.

Due to the stubbornness of BTC to keep prices narrow, Sunday’s focus has shifted to where the long-term bottom could be. Analysts were also clearly excited about what might come next.

A A series of tweets Reflecting the broader state of Bitcoin, popular trader Pentosy saw 37,000 as a potential floor.

“It looks healthier on HTF and is probably based on the previous HH on the way to Eth and probably on the way to HL in the summer POB,” commented a series of tweets reflecting the broader status of popular Twitter trader Pentosy Bitcoin.

“While I believe $ BTC can trade as low as 37k in short, it is unlikely to last long.”

Pentoshi is priced between $ 36,000 and $ 40,000 in significant buyer areas. These, as reported by Cointelegraph, are rare in size.

“We can see that the bids are stacked for exchange at a level that is intended to be filled, but their perfect size is something I have never seen before,” he wrote.

“The bottom is close to what you’re thinking and the top is probably a number you can’t figure out at this point.”

BTC / USD Buy / Sell Level (Binance) till 26th September. Source: Material Index

Hubby will “retire” all Chinese users

Elsewhere, concerns about China have proven equally difficult to move away from sentiment.

Related: Crypto has been recovered a dozen times from Chinese FUD in the last 12 years

Exchange Hubby saw 10,000 BTC inflows as it prepared to shut down its Chinese operations, yet it was even smaller than those who saw it last month.

Hubi BTC Balance Chart. Source: BBT

“In compliance with local laws and regulations, Hubei Global has stopped account registration for new users in mainland China, effective September 2, 2021 (UTC + 8),” the exchange said in a statement released on Sunday.

“Hubei Global will gradually retire existing Mainland China user accounts between 24:00 (UTC + 8) on December 31, 2021 and ensure the security of users’ assets.”

As Cointelegraph reports, despite extensive media coverage, China’s cryptocurrency position has not changed, its crypto ban has been suspended and has remained largely unchanged since September 2017.