Bitcoin Price Holds Above $43K Amid China Crypto Ban-Buy BTC Now
Today Bitcoin is consolidating above $43,000 following yesterday’s cryptocurrency marker bloodbath once again triggered by China. On Friday, BTC/USD price dropped as much as 9.80% from $45,256 at opening of the day to record lows of around $40,747. The big crypto has managed to recover part of these losses.
At the time of writing, Bitcoin is exchanging hands around $43,141 on most trading platforms.
China’s Latest ‘Bitcoin Ban’ Wipes Over $180 Billion In Crypto Market Value
The overall value of the global cryptocurrencies dropped to a low of approximately $1.8 trillion on September 24. According to CoinMarketCap, the cryptocurrency value dropped by about 9% and losing about $188 billion within less than three hours.
Yesterday’s crash wiped out nearly all the gains that had been made following the Monday sell-off which triggered the worst decline in the crypto market for weeks with top cryptos falling by between 5 and 12% on Friday.
Analysts such as Adam Crisafulli of Vital Knowledge media and Freddie Williams, of GlobalBlock a digital asset broker, have pointed out that the recent announcement by China is consistent with the country’s past rhetoric. However, they have warned investors against buying the current prices because other countries are likely to adopt China’s measures. Freddie notes that there has been little knee-jerk reaction from clients following the ban. He is optimistic that the crypto market will bounce back once the temporary FUD wears off.
Bitcoin Price Recovers To $43,000
Bitcoin (BTC) had been performing well after the Monday sell-off. It has added over $4,000 to its value after the drop below $40,000. This recovery culminated in a retest of $45,000, which became a multi-day high on Friday.
After lows of around $40,747, the bulls stepped up and initiated a leg up that has seen the primary crypto recover some ground and currently stands at approximately $43,141.
Bitcoin needs to hold on to the support around the $42,000 psychological level. A closure below this level will see BTC price drop to tag the 100-day SMA around $41,281. A drop further will see Bitcoin price tank towards the $38,493 support wall.
The negative parabolic SAR and the position of the MACD below the zero line in the negative region accentuates Bitcoin’s pessimistic outlook.
BTC/USD Daily Chart
On the upside, a closure above the immediate resstance around $43,600 would push the Bitcoin (BTC) price to tag the $45,00 level. A clear bullish breakout will be seen if the belwether cryptocurrency rises above the 200-day around $45,972.
If this happens, Bitcoin could easily tag the 50-day SMA around $47,360 or the $50,000 psychological level.
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