Bitcoin Could Hit $ 37,000, But Trader Says BTC Price Will Be A Number You Can’t Understand

[ad_1]

Bitcoin (BTC) sealed another new test of $ 40,000 on Sunday, September 26, as the weekly close battle raged.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingViewBTC should not linger below $ 40,000

Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD fell to $ 40,800 overnight, following an unsuccessful attempt by sellers to bring $ 40,000 back to resistance.

With nagging conditions keeping BTC price action in a narrow range, attention on Sunday focused on where the longer-term bottom could lie. Analysts also remained clearly optimistic about what could happen next.

In a series of tweets reflecting the general state of Bitcoin, popular trader Pentoshi envisioned $ 37,000 as a potential bottom.

This looks healthy on HTF and likely forms a basis for the previous HH on the way to ATH and potentially an HL here at Summer PoB, popular Twitter trader Pentoshi commented in a series of tweets reflecting the broader state of Bitcoin.

While I think $ BTC can trade briefly up to $ 37,000, it is unlikely to be there for long.

Pentoshi noted significant takeover bids in the region between $ 36,000 and $ 40,000. These, as Cointelegraph also pointed out, are rare in terms of size.

We can see that the offers have been stacked on the exchanges at these levels with the intention of filling, but their size is something that I have never seen before in most exchanges, he wrote.

The low is closer than you think, and the high is probably a number you just can’t figure out right now. BTC / USD (Binance) buy / sell levels as of September 26. Source: Material IndicatorsHuobi to remove all Chinese users

Elsewhere, concerns about China have proven equally difficult to dispel.

Related: Crypto Has Recovered From Chinese FUD More Than A Dozen Times Over The Past 12 Years

Exchange Huobi recorded inflows of 10,000 BTC as it prepared to shut down its operations in China, these nonetheless small compared to those seen even last month.

Huobi BTC Balance Table. Source: Bybt

To comply with local laws and regulations, Huobi Global has ceased account registration for new users in mainland China, effective September 24, 2021 (UTC + 8), according to a stock exchange announcement released on Sunday.

Huobi Global will phase out existing user accounts in Mainland China by midnight (UTC + 8) on December 31, 2021, and ensure the security of user assets.

As Cointelegraph reported, despite the wide media coverage, nothing has changed in China’s stance on cryptocurrency, with its crypto ban in place and essentially unchanged since September 2017.

[ad_2]