BTC could hit $ 37,000, but one trader says Bitcoin’s price cap will be “a number that cannot be understood”
Buyers’ interest below $ 40,000 may be filled before Bitcoin price action turns to new all-time highs and even higher values.
The price of Bitcoin (BTC) retested $ 40,000 on September 26 as the battle for the weekly close raged. Bitcoin price ‘unlikely’ to remain below $ 40,000
Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair fell to $ 40,800 overnight, after a previous unsuccessful attempt by sellers to return to resistance at $ 40,000.
Amid stubborn conditions keeping Bitcoin price action in a tight range, Sunday’s attention turned to where the long-term low could be. Analysts also remained conspicuously bullish on what could come next.
In a series of tweets reflecting the broader status of Bitcoin’s price, popular trader Pentoshi targeted $ 37,000 as a potential low. “This looks healthy on HTFs and is probably building a base on the previous higher high on the way to the all-time highs and potentially a higher low here at an early summer point,” commented popular trader Pentoshi. Twitter, in a series of tweets reflecting the broader state of Bitcoin.
“While I believe that $ BTC trading may briefly go as high as 37,000, it is unlikely that it will be there for long.”
Pentoshi noted significant offers from buyers in the area between $ 36,000 and $ 40,000. These, as Cointelegraph also reported, are rare in terms of magnitude.
“We can see that offers have been stacked on exchanges at those levels with the intention of filling, but I have never seen them in large numbers on most exchanges,” he wrote.
“The low is closer than you think, and the top is probably a number that you can’t understand right now.” Huobi will “retire” all Chinese users
Elsewhere, concerns about China proved equally difficult to displace from sentiment.
Related: Bitcoin Has Recovered From China’s Attacks More Than A Dozen Times In The Past 12 Years
The Huobi exchange had 10,000 BTC inflows as it prepared to halt its Chinese operations, these however are small compared to those seen last month.
“To comply with local laws and regulations, Huobi Global has ceased account registration for new users in mainland China, effective September 24, 2021 (UTC + 8),” reads an announcement from the exchange published on Sunday.
“Huobi Global will phase out existing mainland China user accounts before 24:00 (UTC + 8) on December 31, 2021, and will ensure the safety of user assets.”
As Cointelegraph reported, despite extensive media coverage, nothing has changed in China’s stance on crypto, with its crypto ban established and essentially unchanged since September 2017.
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