Briefly –
- BTC attempts to break out of the plunging wedge pattern.
- The crypto regulation debate takes a turn as Bitcoin adoption rises.
- On-chain metrics indicate that BTC might see positive actions in the near term.
BTC suffered fatal plummets on 7 September and 20 September. However, buyers join the market, resulting in price consolidation. Buying activities seem to take over, targeting a breakout after the recent downbeat.
BTC Comes Back after Suffering
Bitcoin endured a massive plunge on 20 September following the updates on China’s crypto ban. That was after PBCO declared all crypto activities prohibited, imposing a crackdown on cryptocurrencies. The notice highlighted illegal activities such as trading virtual coins.
It is not the first time the nation declared BTC and other crypto’s suspension. China has had around 12 cryptocurrency bans over the last decade. With that, market players appear not bothered by the country’s move on crypto.
As China tightens its door on the expanding network, Elon Musk declared that governments should not let assets fly. He believed that jurisdiction couldn’t destroy cryptocurrencies.
Unlike China, the United States embraces digital assets, though slow. El Salvador also seems to tighten its grips on virtual coins. The nation has now introduced BTC mining utilizing volcanic energy. Nayib Bukele appears to maintain his positivity on crypto despite media resentments and protests.
BTC Price Tries to Fly
BTC has formed three unique lower lows and lower highs since 26 August, creating a falling wedge. This technical picture showcases a 12% upsurge to $49,725. However, market players should wait for BTC to produce a decisive close beyond $44,893 to ratify the anticipated upswing.
However, the bullish narrative applies to near- and mid-term sessions. For a long-term optimistic case, BTC has to record a higher high beyond $53,000 to rally towards its historic ATH at $64,951.
The MVRV model confirms the probability of another sell-off is almost zero as it hits the zero (0) line once more. Also, the NRPL indicators further build confidence that the coin will not suffer massive plummets. Moreover, declining Bitcoin on exchanges shows confidence. Market players withdraw their Bitcoin from centralized exchanges, storing them in cold wallets as they await a bullish run.
However, rejections around the falling wedge’s top trend-line might mean trouble for BTC as it would confirm amplified selling pressure. Such actions will push BTC under $40K, invalidating the buyers’ optimism.
We have more cryptocurrency news coming your way. Stay tuned.
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