You thought that was it for the China FUD, right? (Game show buzzer with wrong answer.) The effects of the crackdown drag crypto prices lower on another troubled, red day.
At the time of writing, total crypto market cap is down more than four percent from yesterday, missing its two trillion status, wandering around looking for souls at around $ 1.925 trillion. It lost roughly $ 73 billion in one day. Funny times.
The market has been on a knife edge for the past 24 hours and continues this way for now, with Crypto Twitter playing its usual guessing game of Bull or Bear. In general, of course, we follow those who make more educated guesses.
The last cleanup before the demolition …
– Dr. Jeff Ross (@VailshireCap) September 28, 2021
$ BTC pennant
Pennants have continuation bias and are also an indication of indecision
Although the probability of a breakdown to the downside is statistically higher, the possibility of a breakout to the upside still exists # Bitcoin #BTC pic.twitter.com/Qx65oW4zgT
– Bitcoin trading with Mick (@MICKrypto) September 28, 2021
Bitcoin (BTC) is changing hands for $ 41,258, down about four percent since that time yesterday, but still in some sort of no man’s land consolidation, analysts said.
Dutch trader Michaël van de Poppe believes that if it goes any further down from here, it is imperative to keep OG crypto in the $ 38,000 to $ 40,000 range with the short-term bullrun thesis intact should stay. If not, he expects “severe pain” to decrease to about $ 30,000.
Our opinion on this (and, it looks like, that of data analyst Benjamin Cowan) is: Bitcoin and its whale investors need to muffle the noise from China and crank up Toto’s “Hold the Line” …
Hold the line #Bitcoin!
– Benjamin Cowen (@intocryptoverse) September 28, 2021
You Can Do It, Bitcoin – The Biggest Influencers Of Crypto Believe In You. Well some of them do …
At some point, Bitcoin will play this tantrum game with the market
And the market will just go ahead and eventually ignore it.
It will be the best day in crypto.
– Alex Becker 🍊🏆🥇 (@ZssBecker) September 28, 2021
I DO NOT SELL https://t.co/ki9wUSamOc
– the boss of $ NOIA (@CryptoCapo_) September 28, 2021
The Chinese (digital) wall
The impact of China’s recent rerun of the crypto ban could continue to be felt as two of the most popular crypto market data websites – CoinGecko and CoinMarketCap – have now been made inaccessible to China-based users.
In addition, Chinese e-commerce beast Alibaba has announced that it will stop allowing crypto mining devices to be sold on its platform from October 8th.
The dominoes of the crypto business are falling in China, and that shouldn’t really surprise market participants. Still, the market seems to love responding to stale news.
As for the whales of Bitcoin, they are active …
Whales have moved a record amount of #Bitcoin in the past two weeks.
The total transfer volume of over 10 million US dollars in transactions has recently remained with ATH.
It’s even higher than the $ 55-60,000 price tag. pic.twitter.com/FXvcCPPl57
– Lex Moskovski 🔺 (@mskvsk) September 28, 2021
What does that mean? It’s not exactly easy to say.
But according to Cointelegraph, which cited data from the on-chain analytics resource Material Indicators, “smaller” whales appear to have sold in response to the China news, while investors have bought in larger volume and added to their significant positions.
#FireCharts # CVD chart shows #sold # BTC whales, bought mega whales and purple whales, followed by another buy order. In trying to understand these whale games, watch out for the thin liquidity they are trying to play to the top. #NFA #crypto #Bitcoin https://t.co/ac1lWzaEC2 pic.twitter.com/CT2Nw8IqAW
– Key indicators (@MI_Algos) September 28, 2021
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