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The rebound of Bitcoin's prices may start to disappear

The rebound of the bitcoin-dollar exchange rate (BTC / USD) seems to have stalled.

22.Sep.17 2:01 AM
By Daria Zaytseva


The rebound of Bitcoin's prices may start to disappear
After rising from a recent low of 2.980 dollars this week, bitcoin again trades below $ 4,000, which raises doubts about the continuation of the rally. According to CoinMarketCap, the cryptocurrency was trading at $ 3,850 during the press - a decline of 1.68 percent in the last 24 hours.

Week-on-week, the BTC grew by 19 percent. On a monthly basis, the BTC decreased by 3.7 percent.

However, the assumption that China's crypto trading crackdown will not have a long-term impact seems to have weakened. This can be seen from the analysis of price action, which indicates a bullish depletion of about $ 4,000 and the absence of a substance for the rally from $ 2,980.

This goes against the response to a knee-jerk sell-off in bitcoin earlier this week, when, after China suppressed the cryptocurrency trade, the market quickly saw a sharp increase.

Based on this momentum, on September 15 bitcoin put a solid rebound from the 100-day moving average following the index of the relative oversold force.

But while a similar price action in July gave a record rally to a level of $ 5,000, September is unlikely to be able to repeat the history.

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