As the BTC price closes in on a critical weekly close, bitcoin volatility continues

It’s all about the price action of Bitcoin by the end the week. There are still $1,000 swings up or down. BTC (BTC) briefly dropped below $42,000 on Sept. 25, as the weekend seemed to be set for an unimpressive weekly close. BTC/USD 1-hour candle charts (Bitstamp). Source: TradingViewTrader. Bitcoin “fine” above $38,000. Data from Cointelegraph Markets Pro, TradingView and Cointelegraph contributor Michael van de Poppe showed that BTC/USD lost $1,000 in less than an hour on Saturday. He stated that the critical level for Bitcoin remains the same, which is between $308-40K. He said this to his Twitter followers late Friday. “If that happens everything will be fine. “The China “ban” story dominated the discussion among commentators. This roping in of industry’s most well-known names after a kneejerk response from nervous traders sent cryptocurrencies tumble. Despite all the chaos, China’s position remained the same. Cointelegraph reported that Bitcoin saw an unexpectedly high three months after the initial “ban” in September 2017. MicroStrategy CEO Michael Saylor stated that “nothing has created more wealth over the past decade than technologies prohibited in China.” BTC Price change 60d pre and post prior China “ban” events– Jon Geenty (@geenty) September 24, 2021 Jon Geenty, a data scientist at analytics firm CoinMetrics, meanwhile produced a comparative chart showing how Bitcoin performs after each China “ban” story. Source: TradingView. BTC price action has actually stabilized following these events. Source: TradingView. “Altcoin Market Capitalization also on crucial Level here,” Van de Poppe said. He added that the total crypto market capitalization could still see a “beautiful test” of support at its weekly close. This will depend on the crucial weekly level.– Michael van de Poppe (@CryptoMichNL) September 25, 2021

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