Bitcoin’s rebound level expands to 36,000 USD, bulls are indifferent to the 8% drop in BTC price

Bitcoin (Bitcoin) Continue to break through the support level in the trading on September 20, and then the U.S. stock market will usher in a “very interesting” opening.

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

After accessing USD 42,500, BTC traders effortlessly

Data from Cointelegraph Markets Pro with Transaction view Following BTC/USD, it briefly fell to around 42,500 USD and then returned to around 44,000 USD under volatile conditions.

Monday’s low is lower than the low seen during the leveraged cascade earlier this month, with Bitcoin testing its weekly highs and 21-week exponential moving average as support.

As Cointelegraph Report, A combination of multiple factors has exerted selling pressure on the BTC market. These are all triggered by concerns about Evergrande’s default of hundreds of millions of dollars in debt, which in turn put pressure on the stock market and strengthened the dollar.The rising Bitcoin transaction balance provides a Additional catalyst From the market itself.

Nevertheless, traders remained calm.

“Why are you surprised today? Don’t be so emotional,” the popular Twitter account Anbessa Tell The followers are at the height of the rout.

Anbessa observes that the level of around USD 30,000 is the only clear area of ​​focus, and Bitcoin is still well above USD 40,000 and Fibonacci retracement level 38,000 USD.

However, for analyst and statistician Willy Woo, the opening of the stock market should itself be a debate.

“SPX is faltering and faces the threat of a massive sell-off,” he said warn Before the return of Wall Street.

“BTC has opened up a Wycoffian distribution model. Speculators are selling in a risk aversion mode, while on-chain investors have been strongly accumulating their holdings. This will be an interesting opening for the stock market this morning.”

Woo Add to If the stock market faces a more severe crash, the situation may mimic 2020. Despite the initial misgivings, the supply contraction of Bitcoin eventually pushed it from a low of $3,000 to a record high.

S&P 500 Index 1-day candlestick chart. Source: TradingView

The Bulls’ beliefs proved difficult to shake

Others were even less worried about Monday’s events, including popular trader Pentoshi, who revealed the current level of record BTC exposure.

related: “The best bear market ever”-5 things to watch for Bitcoin this week

“I think 41k is possible? Yes. But I think we will see 56-58k in 3 weeks. I am macro bullish,” he said Annotation That day.

At the same time, data from monitoring resource material indicators captures the rapidly changing picture of spot exchanges, and liquidity is gradually increasing.

BTC/USD trading level (Binance) as of September 20. Source: Material Indicators