Holpop News

On September 23, bullish optimism is on the rise across the cryptocurrency market as prices continue to recover from this week’s volatility, which was caused by regulatory pressure on the crypto sector, the Federal Open Market Committee meeting on the Fed’s interest rate hikes, and monetary policy, and fears that the Evergrande situation would ripple out to impact global financial markets. According to data from Cointelegraph Markets Pro and TradingView, after trading in a range between $43,000 and $44,300 during the early trading hours of Sept. 23, the price of Bitcoin (BTC) spiked above $44,800 in the early afternoon and is now aiming to convert the $45,000 resistance level into support.

El Salvador currently has the third-largest network of crypto ATMs in the world, after only the United States and Canada, accounting for 70% of all crypto ATMs in South America. El Salvador has surpassed the United Kingdom’s crypto ATM count, according to Coin ATM Radar, after deploying 205 crypto ATMs to date to allow local Bitcoin transactions and BTC to US dollar conversions. President Nayib Bukele had previously stated that Bitcoin’s adoption would be initially supported by a network of 200 ATMs and 50 branches. The Salvadorean government has partnered with an in-house cryptocurrency wallet provider named Chivo to power the BTC wallets and ATM usage in the country.

According to Cointelegraph Markets Pro and TradingView data, BTC/USD held the $47,000 barrier on Wednesday, which is critical for bullish continuation. The level had been fiercely defended by whales the day before, but bulls eventually won out, pulling Bitcoin out of a multi-day falling channel. Even a drop near $46,000 failed to materialize, bolstering the more positive argument for BTC price movement in the immediate term. A look at the buy and sell levels on major exchange Binance confirmed that resistance now lay higher up at just above $49,000, with clear support likewise several thousand dollars below spot price.

For this year’s Hindu holiday season, which began on September 10, crypto exchanges are encouraging residents to give Bitcoin as a present instead of gold, which is the customary option at this time of year. Sathvik Vishwanath, the co-founder of the popular crypto exchange Unocoin, told the Economic Times that if approached right, “Bitcoin and gift vouchers can be an interesting option for users to consider as more awareness activity is expected across the industry.” The exchange has partnered with e-commerce companies to allow users to buy prepaid gift cards for online shopping using Bitcoin. Speaking at a virtual blockchain summit last week, Chairman of India’s Parliamentary Standing Committee on Finance, Jayant Sinha, said that the upcoming crypto regulations will not be like those in El Salvador, but will be dominated by concerns of national security, striving to balance stability and growth.

On one of the most turbulent days in Bitcoin since the China miner collapse, an $8,000 daily loss has the market scratching its head. Data from Cointelegraph Markets Pro and TradingView caught the volatility when Bitcoin unexpectedly fell below the critical $50,000 mark. The rise happened only hours after analysts agreed that BTC/USD needed to remain over $50,000 in order to maintain positive momentum. One of them, Cointelegraph’s Michaël van de Poppe, highlighted $49,500 as the point of no return should it fail to stick as support. After that, he said, $44,000 could be next. He subsequently noted that Bitcoin had closed the weekend’s CME futures gap.

Bitcoin (BTC) continued to range below $50,000 on Aug. 31, the final day of the month, as analysts demanded higher levels in order to continue the bull run. Despite extremely positive on-chain data and fundamentals, BTC price movement disappointed the market throughout the weekend and beyond, as a lack of momentum prevented it from reaching $50,000. Major resistance, now solidified on exchanges at $51,000 and above, remains firmly in place, and analysts say the outlook remains muted until this level is turned to support. “We clearly said that $51,000 is the barrier that Bitcoin has to break beyond,” says Cointelegraph contributor Michael van de Poppe.