Latest situation in Bitcoin

Bitcoin, the flagship coin of the crypto market, which was nervous before the Fed meeting, last week, the possibility of the Chinese real estate giant Evergrande to declare bankruptcy, saw hard sales and witnessed fluctuating price movements. Bitcoin, which recovered after the Fed’s interest rate decision, has recently been subjected to a sharp decline as a result of negative news from China.

As you know, China announced on September 24 that it banned all crypto money and mining (crypto money production) transactions, and after the announcement, it caused sharp decreases in almost all cryptocurrencies.

BTC/USDT daily chart

Bitcoin dropped from $45,000 to $40,000 with a nearly 8% depreciation after the decision, and closed the day at $42,000.

The downtrend, which started at $64,000 on April 14, ended with $29,000 in mid-July, and a new rising trend began to form. Bitcoin Fib, which fell to $ 40 thousand with the news after the $ 52 thousand peak seen at the beginning of September, continues to trade above the 0.382 level ((42,860).

Testing the levels of $ 52 thousand with the falling break seen in the beginning of August in the technical view, Bitcoin regressed to $ 39 thousand and again reached the level of $ 42 thousand by gathering strength.

Bitcoin, whose historical high is $64K, must cross the Fib 0.618 ($51,263) level to see new highs. Afterwards, the $57K and $64K levels, respectively, are targeted as Fib resistances.

$37K and $29K levels are our strong support points for pullbacks in a possible trend breakout.

Rsi continues in neutral territory with value 45 while Macd continues in negative territory. At the time of writing the analysis, Bitcoin is trading at $ 43,819.

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