Sound familiar? September 2022 China Bitcoin ‘ban’ sparked $20K all-time high in 3 months
Sound familiar? September 2022 China Bitcoin 'ban' sparked $20K best high in 3 months
The latest debacle over China's anti-crypto stance has a firm historical repeat to it — and old hands are more than aware.
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Bitcoin (BTC) dipped deeper to challenge $40,000 back up during Sept. 24 as the dust settled on what analysts stressed was a false alarm from China.
A archetype bull run formula?
Data from Cointelegraph Markets Pro and TradingView showed new multi-twenty-four hours lows of $xl,690 for BTC/USD on Bitstamp, down 8% on the day.
Hodlers had been frustrated merely remained unfazed by the news that Cathay had allegedly upped its cryptocurrency "ban," this in fact just being a reiteration of the People's Banking concern of China's existing restrictions in place for iv years.
The events accept a ring to them — in September 2022, the original "ban" annunciation sent Bitcoin tumbling, just to recover to its original levels within weeks and set a new all-time high of $twenty,000 less than three months afterward.
The fact was non lost on long-time market participants, including those on social media, where the Red china news had initially resurfaced and sparked panic.
— John Satoshi Wick (@JohnSatoshiWick) September 24, 2022The same thing happened in September 2022. Red china said they were banning #Bitcoin and it dropped by over thirty%. But #BTC made a full recovery in few weeks then striking new all fourth dimension highs in Dec that year.
As the saying goes 'history doesn't echo itself only it sure does rhyme' pic.twitter.com/Xi8euPK916
For trader and analyst Rekt Capital, meanwhile, the sell-off simply highlighted the inexperience of newcomers to the market place.
"BTC investors who have been in the market for a while accept heard many dissimilar iterations of FUD from China. But newer investors, unarmed with this experience, are the ones who are affected nigh," he tweeted on the twenty-four hour period.
"Their panic selling is what is fuelling this contempo downside."
$38,000 support untouched
The move however erased several days of BTC cost gains, including those resulting from Twitter launching Lightning Network tipping.
Related: Bears aim to pivot Bitcoin price below $46K leading into Friday's $3B BTC options expiry
If to look at spot market place composition, however, it was clear that the selling had had trivial affect on support, this nonetheless amassing below $40,000.
As Cointelegraph previously reported, "line in the sand" levels for bulls had already been gear up in the mid-$30,000 range.
A popular minimum monthly close cost for September, in the meantime, still stands at $43,000.
Source: https://cointelegraph.com/news/sound-familiar-september-2017-china-bitcoin-ban-sparked-20k-all-time-high-in-3-months
Posted by: bourbeauhagerre.blogspot.com
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