As the BTC price approaches the key weekly closing price, Bitcoin’s volatility continues

Bitcoin (Bitcoin) Briefly fell below $42,000 on September 25, because the weekend looks flat at the close of the week.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Trader: Bitcoin “fines” more than $38,000

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD fell by $1,000 in just over an hour on Saturday and then rebounded.

At the beginning of the weekend, the price of the currency pair was about 43,000 USD-this is a key level someone said As the weekly close approaches, it should remain unchanged.

Others believe that after Friday’s volatility, lower price movements also apply to Bitcoin, and that $36,000-38,000 is the demarcation point for bulls.

This includes Cointelegraph writer Michaël van de Poppe.

“Bitcoin’s critical level is still the same, between $380,000 and $40,000, and I would rather see that level stay the same,” he said Tell Twitter fans on Friday night.

“If this happens, everything is fine.”

Among the commentators, the story of China’s “ban” still dominates the debate, after the knee-jerk reaction of nervous traders caused the cryptocurrency to plummet, the emergence of the industry’s most well-known name.

Despite the chaos, there is nothing in China Really changed, The government reiterated its current position. As Cointelegraph famous, When the “ban” first started in September 2017, on the contrary, Bitcoin reached a record high only three months later.

MicroStrategy CEO Michael Saylor said: “In the past ten years, nothing has created more wealth than banned technologies in China.” claim.

At the same time, Jon Geenty, a data scientist at the analytics company CoinMetrics, produced a comparison chart showing how Bitcoin performed after each Chinese “ban” story.Contrary to concerns, BTC price movements have actually Stabilizes after such incidents.

Widely ranked cryptocurrency market capitalization supports retesting

As Bitcoin doubled at a lower level, the outlook for altcoins remained bleak that day.

related: 9/24 Price analysis: BTC, ETH, ADA, BNB, XRP, SOL, DOT, DOGE, AVAX, LUNA

Ether (EthereumThe price of) is approximately US$2,825, which is close to the basic support level of US$2,800 for longs, and most of the top ten cryptocurrencies by market value fell by 6-7% that day.

ETH/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

“Altcoin market value is also at a critical level here,” Van de Poppe warn, And added that the total cryptocurrency market value may still see “beautiful retesting” support at the weekly close.