Last week, bitcoin fell by 8.64% to $43,160. On Friday, the Chinese authorities dealt a blow to the crypto market, which completely banned cryptocurrency – all transactions with it are now illegal. On the news, the price fell by 10% to $40675.
Cryptocurrency 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 auction in Asia, buyers updated the maximum at $ 44350. At the auction in Europe, the activity of buyers significantly decreased due to the recovery of the dollar index to 93.49.
The topic with the developer Evergrande receded into the background for a while because of the election results in Germany. China is out of the game, so it should not drop prices anymore. Nevertheless, the situation with the invisibility market in China remains important for all exchanges.
The technical picture on the time frame is neutral.
Without negative news, you can move higher to $45200. 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 can do this time. The $42650 level acts as support.