JAKARTA – The volatility of the price of cryptocurrencies has again made the heart flutter. The price of Bitcoin (BTC) briefly fell below 42,000 US dollars on September 25. The weekend looks set to provide an unimpressive weekly closing price.
Data from Cointelegraph Markets Pro and TradingView shows BTC/USD lost $1,000 in just over an hour over Saturday before rebounding.
The weekend has started with the pair around 43,000 US dollars - a critical level that some say will hold as the weekly close draws near.
Others argue that lower price action would also be a good fit for Bitcoin after the volatility on Friday, September 24 at a price of $36,000 - $38,000 which is considered a limit point for bulls.
Among those who agree with that opinion is Cointelegraph contributor Michaël van de Poppe. "The critical level for Bitcoin is still the same, which is between 38-40K. I'd rather see that level hold," he told Twitter followers late Friday. "If that happens, everything is fine."
Among crypto commentators, news of China's "ban" still dominates the debate, the scramble for the industry's most famous names after the knee-jerk reaction of nervous traders sent cryptocurrencies crashing.
Despite the chaos, nothing has really changed about China, with the government repeating its existing position. As Cointelegraph noted, when the “ban” initially began in September 2017, Bitcoin otherwise hit new highs just three months later.
"Nothing has created more wealth in the last decade than technology banned in China," said Michael Saylor, CEO of MicroStrategy.
Jon Geenty, a data scientist at analytics firm CoinMetrics, meanwhile produced a comparative chart showing how Bitcoin is performing after the "ban" story from the Chinese government. Contrary to fears, BTC price action has actually stabilized after such an event.
While the outlook for altcoins remains bleak on the day, as Bitcoin price doubles at lower levels.
Ether (ETH) stands around $2,825, near an important $2,800 support level for the bulls, while most of the top ten cryptocurrencies by market cap lost 6-7% of their value on the day.
"Altcoin market caps are also at an important level here," warned Van de Poppe. It added that the total crypto market cap could still see a “beautiful retest” of support at its weekly close.
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