The price of Bitcoin went on to seal another retest at $40,000 on the 26th of September, as the battle for the weekly close went on. The data which was collected from TradingView and Cointelegraph Markets Pro highlighted that the BTC/USD exchange went down by $40,800 overnight- after it followed an unsuccessful attempt by crypto sellers to turn the resistance level of $40,000 back.
Bitcoin “Unlikely” To Linger Below $40,000
There have been several conditions that keep the price action of Bitcoin in a far narrow range- where the attention is strictly focused on where the longer-term bottom could end up at. Several analysts have also remained pretty bullish on what would come after this.
In a wide chain of tweets, Pentoshi- one of the most popular traders in the cryptocurrency sector- has voiced his opinions on the current state of this cryptocurrency. In his tweet, he stated that the situation looked pretty healthy on the HTFs and would definitely create a base over the earlier HH on its way to move towards ATHs- where a potential HL could be present at the Summer POB.
Pentoshi also went on to note several significant buyer bids that were in place between the sums of $36,000 and $40,000. Now, as Cointelegraph, such bids are mostly rare- considering their size. Pentoshi stated that there were such bids all over the place where they were stacked on exchanges with the only desire to fill- but the sheer size of it was definitely something that no one had ever seen- coming out from Bitcoin.
Bitcoin isn’t the only cryptocurrency to deal with problems, as major concerns have come out of China- where they proved to be equally difficult to move through the sentiment. Exchange Huobi also checked out 10,000 inflows of BTC- while preparing to halt its operations in the Chinese mainland.