Major buyer interest below $40,000 may get filled before Bitcoin price action launches to new all-time highs and beyond.
Bitcoin (BTC) sealed another $40,000 retest on Sept. 26 as the battle for the weekly close raged on.
BTC “unlikely” to linger below $40,000
With stubborn conditions keeping BTC price action in a narrow range, attention on Sunday focused on where the longer-term bottom might be. Analysts also stayed conspicuously bullish on what might come afterwards.
In a series of tweets reflecting on the broader state of Bitcoin, popular trader Pentoshi eyed $37,000 as a potential floor.
“This looks healthy on the HTF’s and is likely forming a base over the previous HH on the way to ATH’s and potentially a HL here at the Summer PoB,” popular Twitter trader Pentoshi commented in a series of tweets reflecting on the broader state of Bitcoin.
“While I believe $BTC can briefly trade as low as 37k it is unlikely to be there long.”
Pentoshi noted significant buyer bids in place in the area between $36,000 and $40,000.
“We can see bids have been stacked on exchanges at those levels with the intent to fill, but the sheer size of them is something I’ve never seen before across most exchanges,” he wrote.
“The bottom is closer than you think, and the top is likely a number you can’t comprehend at this time.”
Huobi to “retire” all Chinese users
Elsewhere, concerns over China proved equally difficult to shift from sentiment.
Exchange Huobi saw 10,000 BTC inflows as it prepared to halt its Chinese operations, these nonetheless small in comparison to those witnessed even last month.
“To comply with local laws and regulations, Huobi Global has ceased account registration for new users in Mainland China, effective September 24, 2021 (UTC+8),” an announcement from the exchange released Sunday reads.
“Huobi Global will gradually retire existing Mainland China user accounts by 24:00 (UTC+8) on Dec 31, 2021, and ensure the safety of users’ assets.”
Despite the wide media coverage, nothing has changed in China’s cryptocurrency stance, with its crypto ban in place and essentially unchanged since September 2017.