Bitcoin (BTC) met strong resistance of over $ 44,000 on Thursday, September 23, when China asked governments to prepare for the collapse of real estate giant Evergrande.
1-hour BTC / USD candlestick chart (Bitstamp). Source: TradingView
Buyers cost less than 40,000 BTC
Cointelegraph Markets Pro and TradingView data continued to show volatility for BTC / USD on Thursday.
The pair witnessed a strong improvement overnight, which disappeared at the previous support level just above $ 44,000.
At time of writing, the pair is trading at around $ 43,700 amid news that China has informed government officials of the economic fallout from Evergrande.
Signs of a troubled company remain mixed, with stocks bouncing amid signs of a shutdown in what Chairman Hui Ka Yuan called “the darkest moment.”
But for bitcoin traders, this was business as usual, not a cause for concern.
Cointelegraph author Michael van de Poppe summed it up: “Bitcoin corrected slightly as we approached resistance.”
“Considering $ 42,000 as a potential area of support to create a higher bottom.”
The Bentoshi dealer has returned to the beef market in previous years, which has also undergone somewhat deeper changes than local customs, on its way to the top of a larger cycle.
Meanwhile, data from indicators for monitoring physical resources showed that it cost less than $ 40,000 to build a large wall of buyers.
BTC / USD buy / sell level (Binance) on September 23rd. Source: Material indicators.
Altcoins still believe in the next “impulse moves”
Bitcoin’s 24-hour gain has spurred altcoins, which have struggled to maintain $ 40,000 in previous tests.
Related: Another bubble? Bitcoin price peaks are echoing China’s debt cycles, new research shows.
Solana (SOL) topped the top 10 cryptocurrencies of the day, climbing 12%, while the largest cryptocurrency, Ether (ETH), rose 5.3% to surpass $ 3,000.
“I think it’s entirely possible that Ether versus Bitcoin is at a very low level at the moment,” Van de Poppe said in a YouTube update.
1 hour candlestick ETH / BTC (Bitstamp). Source: TradingView
He added that altcoins in general are still vulnerable to “new impulses” as Bitcoin’s slow return to form has failed to weaken its strength.