China banned all crypto transactions and vowed to stop illegal crypto mining, delivering the toughest blow yet to the trillion-dollar industry. Also Bitcoin slid about 90% earlier this week on a data network run by several of Wall Street’s biggest players after their computers bungled basic computations. China’s campaign against the cryptocurrency industry is now targeting miners who tried to disguise themselves as data researchers and storage facilities to stay in business, according to people with knowledge of the situation. The fundamentals in terms of supporting the bullish stance on BTC, causing volatility due to rumors of Twitter released an update on September 23, providing Twitter users with a Strike account to tip BTC via the Lightning Network. While the rumors of this development were outed a while ago, this feature will allow users to send money across borders without going through intermediaries like Western Union or MoneyGram.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Observing bitcoin from a technical point of view, we can see that the famous crypto is trading above 41260 strong support zone while having the capacity to provide a touch down at exponential moving average 200 in daily time frame because of hovering below 38.2% fibo level. If the recent recovery propped up BTC from 39573 to 45021, it would still be uncertain if the big crypto will continue to climb because the off chance for the upside appears to be capped around the resistance level at 46856 an in an optimistic scenario, at 49436. If things spin out of control, BTC could slice through it and venture down to retest the swing lows formed on August 3 at 38287.

In some cases, if the selling pressure is too high, Bitcoin price might wick down to the 70.5% Fibonacci retracement level at 36276 or 34265. Signaling a similar outlook is the funding rate of BTC, which dipped into negative territory today.

This move indicates that investors are shorting BTC, revealing their bearish sentiment.

BTC/USD

Sep 24 2021