Bitcoin (Bitcoin) Rebound from the second $40,000 retest on September 22, as China calmed down global market concerns about Evergrande.
China continues to inject capital into Evergrande
Data from Cointelegraph Markets Pro with Transaction view BTC/USD was trading above US$42,000 on Wednesday, and the bulls are still defending the important psychological threshold of US$40,000.
Trader sentiment is still high, but the macro still provides mixed information, focusing on China and the Coronavirus Delta variant.
China’s second-largest real estate giant Evergrande is still designated to default hundreds of billions of dollars in debt. The Central Bank of China, the People’s Bank of China (PBoC), smoke As a result, another 120 billion yuan (18.6 billion US dollars) flowed into the banking system.
This in turn reassures the anxious market. The company’s potential bankruptcy is considered more like a “slow explosion” of state control than a chaotic event with far-reaching impact.
Nevertheless, China’s “ghost”Lehman Brothers MomentsAnalysts said, “At least in the short term, it will become a market mover.
“In the next few weeks, maybe in the next few months, Evergrande and the FOMC, delta variants, and a series of other issues will continue to cause huge volatility. To some extent, this volatility will be a Buying Opportunity,” Vasu Menon, Executive Director, Investment Strategy, Wealth Management, OCBC Bank Singapore, Tell Bloomberg.
In Europe, Evergrande’s stock rose nearly 25% at the opening of Frankfurt.
It is likely that within a few days, Evergrande will become a non-event.
The reason for worry is not Evergrande, but traders worry about Evergrande. game theory.
-Alex Kruger (@krugermacro) September 21, 2021
Everyone pays attention to the weekly closing of BTC
For Bitcoin, which was sold simultaneously with global stock markets earlier this week, the outlook is also unstable in a shorter time frame.
related: Before SEC Chairman Gensler issued new crypto comments, Bitcoin rebounded to $43,000
Traders and analysts Rekt Capital believe that the weekly closing price needs to be above the 21-week exponential moving average (EMA), which is slightly below $43,000.
“This will give us a lot of bullish momentum,” he said in a recent statement. YouTube updates.
Rescue 21EMA will also preserve the nearby demand zone and describe the $40,000 journey as a “fake failure” to fill the buy order before Bitcoin rises.
At the same time, trader Pentoshi emphasized a slightly lower level, $40,700, as the key to the weekly closing.
“This position has important historical significance and is critical to this week’s closing,” he said Tweet.