Bitcoin could hit $37K but trader says BTC price top will be ‘number you can’t comprehend’

Bitcoin (BTC) sealed one other $40,000 retest on Sept. 26 because the battle for the weekly shut raged on.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC “unlikely” to linger under $40,000

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD dipping to $40,800 in a single day, following an earlier unsuccessful try by sellers to flip $40,000 again to resistance.

With cussed circumstances preserving BTC price motion in a slender vary, consideration on Sunday targeted on the place the longer-term backside may be. Analysts additionally stayed conspicuously bullish on what may come afterwards.

In a series of tweets reflecting on the broader state of Bitcoin, fashionable trader Pentoshi eyed $37,000 as a possible flooring.

“This appears to be like wholesome on the HTF’s and is probably going forming a base over the earlier HH on the best way to ATH’s and probably a HL right here on the Summer PoB,” fashionable Twitter trader Pentoshi commented in a sequence of tweets reflecting on the broader state of Bitcoin.

“While I imagine $BTC can briefly commerce as little as 37k it’s unlikely to be there lengthy.”

Pentoshi famous important purchaser bids in place within the space between $36,000 and $40,000. These, as Cointelegraph additionally reported, are uncommon by way of measurement. 

“We can see bids have been stacked on exchanges at these ranges with the intent to fill, but the sheer measurement of them is one thing I’ve by no means seen earlier than throughout most exchanges,” he wrote.

“The backside is nearer than you suppose, and the top is probably going a quantity you can’t comprehend right now.”

BTC/USD purchase/ promote ranges (Binance) as of Sept. 26. Source: Material Indicators

Huobi to “retire” all Chinese customers

Elsewhere, considerations over China proved equally tough to shift from sentiment.

Related: Crypto has recovered from China’s FUD over a dozen occasions within the final 12 years

Exchange Huobi noticed 10,000 BTC inflows because it ready to halt its Chinese operations, these nonetheless small compared to these witnessed even final month.

Huobi BTC steadiness chart. Source: Bybt

“To adjust to native legal guidelines and laws, Huobi Global has ceased account registration for brand new customers in Mainland China, efficient September 24, 2021 (UTC+8),” an announcement from the change launched Sunday reads.

“Huobi Global will step by step retire current Mainland China person accounts by 24:00 (UTC+8) on Dec 31, 2021, and make sure the security of customers’ belongings.”

As Cointelegraph reported, regardless of the vast media protection, nothing has modified in China’s cryptocurrency stance, with its crypto ban in place and basically unchanged since September 2017.