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Bitcoin Continues To Rebound At The Start Of The Week

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·2 min read
In this article:
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Bitcoin Moves Higher As Traders Shrug Off Worries About China’s Crackdown On Crypto

Bitcoin managed to settle back above $42,600 and is testing the resistance level at $44,000 while other cryptocurrencies are also moving higher. Ethereum gained strong upside momentum and returned to the $3,100 level. Dogecoin is currently trying to settle back above $0.2050 while XRP continues its attempts to settle above the resistance at $0.95.

Bitcoin has recently found itself under strong pressure and made an attempt to settle below $41,000 after China’s central bank stated that crypto transactions were illegal. This statement triggered a significant sell-off in crypto markets but traders quickly managed to calm down.

China continues to put pressure on the crypto industry, but it remains to be seen whether additional news on this front could put sustainable pressure on crypto markets. At this point, it is clear that China will push cryptocurrencies out of its economy, paving the way for the digital yuan. Crypto traders had sufficient time to prepare for this scenario, which may have been already priced in by the markets.

Technical Analysis

Bitcoin is currently testing the resistance level at $44,000. In case this test is successful, it will move towards the next resistance which is located at the 50 EMA at $45,000. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

In case Bitcoin settles above the 50 EMA, it will get to the test of the next resistance at $46,000. A move above this level will push Bitcoin towards the resistance at $47,000, which is followed by the next resistance at $48,000.

On the support side, the nearest support level for Bitcoin is located at $42,600. In case Bitcoin gets back below this level, it will move towards the next support at $41,300.

A successful test of the support at $41,300 will push Bitcoin towards the support at $40,000. In case Bitcoin declines below this level, it will head towards the support at $39,300.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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