BTC volatility continues when the price closes during the important weekly close

BTC volatility persisted as the price closed weekly overdue and the rest of the market also collapsed due to the volatile Chinese market. So read more on our latest bitcoin news.

BTC volatility continues as BTC drops below $ 42,000 as the weekend appears to be closing on a weekly basis and data from Tradingview shows the BTC / USD pair lost $ 1,000 in just an hour of recovery Has. The weekend started the pair at around $ 43,000, which is important since that’s the weekly closing price. Others argued that lower price action would match the aftermath of BTC’s volatility on Friday, with $ 36,000 cut off for the bulls. Analyst Michael van de Poppe noted:

“The key level for Bitcoin remains unchanged, around $ 38-40,000, I would like to see the level stay the same. If that happens, everything will be fine. “

The story of the Chinese ban still dominates the debate, affecting some of the most iconic names in the industry as the reaction, as well as nervous traders, has crashed the cryptocurrency. Despite the chaos, nothing has really changed in China as the government reiterated its current stance, and when the ban began in 2017, BTC hit an all-time high. Michael Saylor, CEO of Microstrategy, said:

“Nothing has created more prosperity in the last ten years than technologies banned in China.”

A data scientist at analytics firm CoinMetrics, Jon Geenty, created a comparative chart that shows how BTC is performing after the Chinese ban. Contrary to concern, BTC price action has stabilized after these events and market capitalization was ready to support a re-test. The outlook for the rest of the altcoins remains bleak as Bitcoin plunges from lower lows. ETH stands near the critical $ 2800 support for the bulls at $ 2825, while most of the top ten cryptocurrencies by market cap lost 6-7% that day. Van de Poppe warns:

“Here too, the market capitalization of altcoins is important.”

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