Bitcoin (BTC) continued to break support levels in trading on September 20th before a “very exciting” opening in the US stock market could take place.
No sweat for BTC traders after $ 42,500 hit
Data from Cointelegraph Markets Pro and TradingView tracked BTC / USD which briefly fell near $ 42,500 before bouncing back to $ 44,000 in volatile conditions.
Monday’s low is lower than the beginning of the month during the leverage run, with Bitcoin testing both the weekly exponential moving average higher and the 21-week low as support.
As Cointelegraph reported, many factors work together to create selling pressure in the BTC market. These were led by concerns about an Evergrande default of hundreds of millions of dollars, which in turn weighed on stocks and strengthened the US dollar. The increased Bitcoin wallet balance provided an additional catalyst from the market itself.
However, the dealers remained calm.
“Why are you surprised today? Don’t get too emotional, ”the popular Twitter account Anbessa told Followers at the top of the process.
Anbessa has proven to be the only area of interest in the mid-range of $ 30,000, with Bitcoin remaining above $ 40,000 and the Fibonacci retracement at $ 38,000.
For analyst and statistician Willy Woo, however, the openness of the stock market should spark a debate in and of itself.
“SPX tense, threatens a big sell-off,” he said warning before Wall Street turns.
“BTC fixes the Wycoff distribution model, speculators sell in risk mode while on-chain investors accumulate aggressively. It will be an interesting start to the stock market this morning. “
Courting Add If stocks see a deeper decline, the situation could look like 2020, when Bitcoin’s supply finally pushed it from lows of $ 3,000 to all-time highs despite initial doubts.
The cops’ confidence is tough to shake
Others were even less alarmed by Monday’s events, including prominent trader Pentoshi, who revealed BTC’s record exposure at the current level.
Related: ‘Best Bear Market Ever’ – 5 Things To Watch For Bitcoin This Week
“I think 41k is possible. Yes sir. But I think we’ll see 56-58k within 3 weeks. I’m a macro optimist, ”he said in the context of comment correct date.
Meanwhile, the data from the monitoring of the material indices capture the rapidly changing picture on the spot exchanges, where liquidity is gradually increasing.