Bitcoin may reach 37,000 US dollars, but traders said that the highest BTC price will be “a number you can’t understand”

Bitcoin (Bitcoin) On September 26 again sealed a retest of $40,000 as a contention Weekly closing Furious.

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

BTC is “unlikely” hovering below $40,000

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD fell to 40,800 US dollars overnight. The sellers had previously tried to turn 40,000 US dollars back to the resistance level, but they were unsuccessful.

Due to stubborn conditions keeping BTC’s price movement within a narrow range, Sunday’s attention was focused on where the long-term bottom might be. Analysts are also clearly optimistic about what may happen in the future.

in a Series of tweets Considering the broader state of Bitcoin, popular trader Pentoshi sees $37,000 as a potential bottom line.

Pentoshi, a popular Twitter trader, commented in a series of tweets reflecting the broader situation of Bitcoin: “This looks healthy on HTF and is likely to form the basis of the previous HH on the road to ATH, and An HL may be formed on PoB in summer.”.

“Although I believe that BTC can be as low as 37k for a short time, it is unlikely to exist for a long time.”

Pentoshi pointed out that there are a large number of buyers in the area bidding between US$36,000 and US$40,000.These, as Cointelegraph also Report, Is rare in terms of size.

He wrote: “We can see that the bids on these exchanges are piled up like a mountain, intended to fill, but their scale is something I have never seen before in most exchanges.”

“The bottom is closer than you think. The top may be a number you can’t understand at this time.”

BTC/USD buy/sell levels (Binance) as of September 26. Source: Material Indicators

Huobi “retires” all Chinese users

In other places, concerns about China are equally difficult to shift emotionally.

related: In the past 12 years, cryptocurrencies have recovered from China’s FUD a dozen times

Huobi Exchange saw an inflow of 10,000 BTC as it prepared to stop its China operations, although these were still small compared to what was witnessed last month.

Huobi BTC balance graph. Source: Bybt

“In order to comply with local laws and regulations, Huobi Global has suspended account registration for new users in Mainland China on September 24, 2021 (UTC+8),” announcement Read from the Sunday issued by the exchange.

“Huobi Global will phase out existing user accounts in Mainland China before 24:00 (UTC+8) on December 31, 2021, to ensure the safety of user assets.”

As Cointelegraph ReportDespite extensive media reports, China’s position on cryptocurrencies has not changed. Its crypto ban has been implemented and has remained basically unchanged since September 2017.