BTC Price Drops Below $38,000 As Tencent Leads The Worst Tech Defeat In China Since July

Bitcoin (BTC) continued lower on February 21 as $38,000 became the latest level to fail the test of the bulls.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

$40,000 as BTC Relief Target

information from Cointelegraph Markets Pro And the TradingView He painted a bleak picture for BTC/USD on Monday, as the $38,000 support suddenly disappeared after it lasted all weekend.

while threatening Nullifies analysts’ hopes that there will be a bottomOne argued that the chances of a bounce back to $40K were good nonetheless.

Crypto Ed “I don’t expect this leg to go too deep, it should see a bounce around 40k soon” Tell Twitter followers.

In a video update of the day, Crypto Ed . was Climate forecast The multi-legged downtrend continues, with $40,000 forming a target for a rebound breakout before another dive follows, with even the potential to take out $30,000.

“If we can somehow get back over $40,000 and then go up, I’m optimistic; it will take a ‘miracle’ for such an optimistic case to materialize,” he concluded.

On the downside, the silver lining came in the form of a surging price of $37,000 appearing on Binance’s order book as BTC/USD drifted lower.

data From the resource watch, physical indicators further shed light on large transactions that remain fairly flat, indicating that institutional-grade investors are maintaining interest in bitcoin exposure.

However, young buyers were on the mind at the current levels.

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“Some of the bidding liquidity in the $20,000 range has fizzled up to $30, but you want to see a greater concentration of bids to get market buyers out of their hands,” the Scientist Material Indicator Builder added in comments on a chart showing recent action.

BTC/USD (Binance) order book data. Source: Material Indicators / Twitter

Familiar Chinese technology interference

Meanwhile, the Wall Street holiday meant there was no convincing volume in the crypto markets on Monday, which should exacerbate moves in either direction due to poor liquidity.

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However, overall signals continued to flow, as developments from the Russian-Ukrainian conflict were poised to shake already nervous feelings.

Reports Death came at the border as European stock markets jittered, the FTSE 100 was down 0.5% in London and the German DAX was down 1.3% on the day.

Another crackdown on technology in China has fueled separate problems for Asian markets, with Tencent shedding more than 6% during trading.

The defeat of tech stocks is very reminiscent of July 2021, the period during which Bitcoin regained overall From its earnings to date, it is close to $29,000.