Bitcoin (Bitcoin) It fell further on September 24 to challenge the USD 40,000 support level because analysts emphasized false alarms from China.
The classic bull market formula?
Hodlers has Frustrated but not worried The news that China has allegedly raised the “ban” on cryptocurrencies is actually just a reiteration of the People’s Bank of China Existing restrictions In place for four years.
These events sounded a wake-up call for them-in September 2017, the initial “ban” announcement caused Bitcoin to plummet, but it returned to its original level within a few weeks and reached a value of $20,000 in less than three months. A new high in history.
Long-term market participants have not forgotten this fact, including those whose Chinese news on social media initially resurfaced and caused panic.
The same thing happened in September 2017.China says they are banning #Bitcoin And it dropped by more than 30%.but #BTC It recovered completely within a few weeks, and then hit a record high in December of that year.
As the saying goes, “History will not repeat itself, but it will certainly rhyme” pic.twitter.com/Xi8euPK916
-John SatoshiWick (@JohnSatoshiWick) September 24, 2021
At the same time, for traders and analysts Rekt Capital, the sell-off just highlights the lack of experience of market novices.
“BTC investors who have been in the market for some time have heard of many different iterations of Chinese FUD. But new investors without such experience are the ones most affected,” he said. Tweet That day.
“Their panic selling has contributed to the recent decline.”
38,000 USD support is unaffected
Nonetheless, this move eliminated days of BTC price increases, including the rise caused by Twitter emission Lightning network tip.
However, from the perspective of the composition of the spot market, it is clear that the selling has little effect on the support, which is still below $40,000.
Just like the previous Cointelegraph Report, The “sand line” level for bulls has been set at the mid-range of $30,000.
Popular minimum Monthly closing price At the same time, it was still USD 43,000 in September.