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Bitcoin has seen a significant price drop in the past week, going from $27.5k on September 19 to $26.5k on September 21 to $26k yesterday.
Between September 19 and 21, the Bitcoin price was still bullish, which allowed it to fluctuate between $27,000 and $27,250. The coin reached up on Sept. 19 to hit $27,500, but for the most part, during this bullish period, the coin was trapped between support and resistance levels.
But on Sept. 21, it broke the support, landing at $26,500. The next day it fluctuated between support at $26.5k and resistance at $26.75k, but as the weekend started, its price became almost entirely flat.
Things changed on Sunday evening when the price suddenly spiked to $26.75k, only to be rejected and then drop to $26k yesterday. Later that same day, the coin saw a recovery that took it to $26.4k, and this level has been acting as a resistance for around 24 hours now.
The price spent the last 24 hours fluctuating between this resistance and support at $26,250, and at the time of writing, it finds itself at this support, with the current price being $26,251. Every week, BTC is down by around 3%, but on a daily chart, it sees an increase of about 0.6%.
Where is Bitcoin Going from Here?
Moving forward, experts believe that the price could see another drop if it faces an “800-pound gorilla,” said Bloomberg analyst Mike McGlone, referring to rising interest rates and tighter monetary policy.
In the past, rising have led to a decline in appeal regarding high-risk assets such as Bitcoin. The allure that the coin would usually have during more stable times is gone, and so many unwilling to take risks would simply dump their holdings and withdraw. McGlone believes BTC may slide below $25k.
Shanghai Recognizes BTC as a Digital Currency
On the other hand, a recent Shanghai No. 2 Intermediate People’s Court announcement in China recognized Bitcoin as a unique digital currency. The move is noteworthy, as China has banned everything related to crypto assets. It pointed out the coin’s rarity, inherent monetary qualities, and global acceptance as features that cannot be ignored.
The Second Intermediate People's Court of Shanghai believes that with the development of internet technology, digital currencies represented by Bitcoin possess uniqueness and non-replicability.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) September 24, 2023
Despite this, China’s crypto ban remains strong, preventing all crypto-related activities on the mainland, from mining to trading, especially using BTC as a payment method.
But, this could be seen as a small step toward recognizing crypto, or at least Bitcoin itself, which might allow China to someday open up to the idea of cryptocurrencies once more.
Bitcoin BSC Presale Nearing its Conclusion: Last Chance to Buy
While there’s much uncertainty over the direction of Bitcoin, a new BEP-20 token has caught the eye of buyers for several reasons. The token is a Binance Smart Chain-based cryptocurrency called Bitcoin BSC (BTCBSC). It is a BSC-based version of Bitcoin that aim to replicated BTC’s meteoric rise.
The coin was much more affordable at $1 at the time, so the presale offered it for only $0.99 per unit.
Its idea is to allow buyers today to experience the feeling of purchasing Bitcoin from 12 years ago.
Of course, that doesn’t guarantee that this crypto will also skyrocket to see the original Bitcoin’s price levels. Still, it cannot be denied that the coin has seen massive popularity upon emerging.
The presale raised $5.2 million in less than three weeks, reaching its soft cap of $3.96 million in about ten days.
The presale is in its final stages, as it will be sold out entirely once it reaches $6.06 million raised. That means only around $800k worth of BTCBSC is left, and they are selling quickly.
Anyone who wishes to participate in the presale can buy the token in exchange for BNB, USDT, or ETH.
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