Bitcoin fell 8.64% last week

Last week, bitcoin fell in price by 8.64%, to $ 43,160. At the beginning of the week, the price fell to $ 39,600 amid the flight of their risky assets due to fears of the default of the Chinese company Evergrande. After the collapse, the price recovered to $ 45,200 (more than 50% correction).

On Friday, the Chinese authorities dealt a blow to the crypto market. The Celestial Empire has completely banned cryptocurrency. All operations with her are now illegal. On the news, the price dropped 10% to $ 40,675.

Crypto exchanges Huobi and Binance have banned traders from registering new accounts using mobile phone numbers from mainland China. Huobi also announced plans to close existing accounts by the end of the year. Both exchanges still allow registration from Hong Kong.

On Sunday, the price recovered to $ 43,746. On Monday, at trading in Asia, buyers renewed a maximum of $ 44,350. At the auctions in Europe, the activity of buyers has significantly decreased due to the recovery of the dollar index to 93.49.

The issue with the developer Evergrande faded into the background due to the results of the elections in Germany. China is out of the game, so it shouldn't slump prices anymore. Nevertheless, the situation with the real estate market in China remains important for all exchanges.

The technical picture at the hourly TF is neutral. Without negative news, you can move up to $ 45,200. It will be problematic to go higher, because after a sharp rebound, the price often forms a sawtooth upward movement, or a converging triangle, after which powerful straits occur. Let's see what we get this time. The $ 42650 level is a support.

Posted Using LeoFinance ^Beta