Too “big” to fail-with the implosion of China’s plan for Evergrande, the price of Bitcoin fell to $44,000

Bitcoin (Bitcoin) Faced strong resistance above US$44,000 on Thursday, September 23, as China asked the government to prepare for the collapse of the real estate giant Evergrande.

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

Buyers line up to buy bitcoins under $40,000

Data from Cointelegraph Markets Pro with Transaction view Thursday showed that BTC/USD volatility continued.

The currency pair rebounded strongly overnight and fell back from the previous support level of just above 44,000 USD.

At the time of writing, the currency pair was trading at approximately $43,700, which fell to Hot news China is reporting Evergrande’s financial impact to government agencies.

The beleaguered company’s signals are still mixed, and the company’s share price has risen due to signs of exit from Chairman Xu Jiayuan. Call Its “darkest hour”.

However, for Bitcoin traders, business as usual and nothing to worry about.

“Bitcoin corrected slightly because we are close to resistance,” Cointelegraph writer Michaël van de Poppe Summarize.

“Consider $42,000 as a potential support area for creating higher lows.”

Trader Pentoshi reviewed previous bull market years and also saw multiple deeper corrections from the local high to the top of the larger cycle.

At the same time, data from the monitoring resource Material Indicators shows that a considerable buying wall has been established below $40,000.

BTC/USD buy/sell level (Binance) as of September 23. Source: Material Indicators

Altcoins maintain confidence in the next “impulsive behavior”

Bitcoin’s 24-hour gains provide a boost to mark altcoins that have suffered losses during this period Previous retest 40,000 USD in support.

related: Just another bubble?New research shows that Bitcoin prices follow China’s debt cycle higher

The top 10 cryptocurrencies of the day were led by Solana (SOL), up 12%, while the largest altcoin Ether (Ethereum), an increase of 5.3% from US$3,000.

“I think the impact of Ethereum on Bitcoin may bottom out at this stage,” van de Poppe said in a statement. YouTube updates.

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

He added that the broader altcoins are still prone to see “a new wave of impetus” because Bitcoin’s slow recovery pattern has failed to dampen its strength.