{"id":2078,"date":"2022-02-22T03:22:59","date_gmt":"2022-02-22T03:22:59","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=2078"},"modified":"2022-02-22T03:22:59","modified_gmt":"2022-02-22T03:22:59","slug":"btc-price-falls-below-38k-as-tencent-leads-worst-china-tech-rout-since-july","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2078","title":{"rendered":"BTC price falls below $38K as Tencent leads worst China tech rout since July"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) kept falling lower on Feb. 21 as $38,000 became the latest level to fail the test for bulls.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>$40,000 eyed as BTC relief bounce target<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0painted a grim picture for BTC\/USD Monday, as $38,000 support abruptly vanished after holding throughout the weekend.<\/p>\n<p lang=\"en\" dir=\"ltr\">#BTC Update 1h TF<\/p>\n<p>First retest of key trendline since reclaim @ $38,5k <\/p>\n<p>Current range $36,6k &#8211; $37,8k pic.twitter.com\/sjxUv7AGlV<\/p>\n<p>\u2014 AN\u20bfESSA (@Anbessa100) February 21, 2022<\/p>\n<p>While threatening to invalidate analysts\u2019 hopes of a bottom being in, the chances of a rebound to $40,000 were nonetheless good, one argued.<\/p>\n<p>\u201cNot expecting this leg to go very deep tho, should see a bounce towards 40k soon,\u201d Crypto Ed told\u00a0Twitter followers.<\/p>\n<p>In a video update on the day, Crypto Ed had forecast a multi-leg downtrend continuing, with $40,000 forming the target of a relief bounce before another dive ensued, this even having the potential to take out $30,000.<\/p>\n<p>\u201cIf we somehow manage to get back above $40,000 and go up, then I\u2019m bullish; otherwise not,\u201d he concluded, adding that it would take a \u201cmiracle\u201d for such a bullish case to come true.<\/p>\n<p>To the downside, a silver lining came in the form of increasing bids at $37,000 appearing on the Binance order book as BTC\/USD drifted lower. <\/p>\n<p>Data from monitoring resource Material Indicators further highlighted large transactions staying fairly constant, indicating institutional-grade investors maintaining interest in BTC exposure.\u00a0<\/p>\n<p>Smaller buyers, however, were in two minds at current levels.<\/p>\n<p>\u201cSome bid liquidity in the $20k range has faded upward to the $30s, but want to see a bigger concentration of bids to get market buyers off hands,\u201d Material Indicators creator Material Scientist added in comments on a chart showing the latest action.<\/p>\n<p><em>BTC\/USD order book data (Binance). Source: Material Indicators\/Twitter<\/em><\/p>\n<h2>A familiar Chinese tech plunge enters<\/h2>\n<p>A Wall Street holiday, meanwhile, meant a lack of convincing volume on crypto markets Monday, this being apt to exacerbate moves in any direction due to thin liquidity.<\/p>\n<p><strong><em>Related:\u00a0\u2018Coin days destroyed\u2019 spike hinting at BTC price bottom? 5 things to watch in Bitcoin this week<\/em><\/strong><\/p>\n<p>Macro cues, however, continued to flow in, with developments from the Russia\u2013Ukraine conflict primed to unsettle already nervous sentiment.<\/p>\n<p>Reports\u00a0of death\u00a0on the border came as European stock markets jittered, the FTSE 100 down 0.5% in London and Germany\u2019s DAX down 1.3% on the day.<\/p>\n<p>Another crackdown on tech in China fuelled separate troubles for Asian markets, with Tencent shedding over 6% during trading.<\/p>\n<p lang=\"en\" dir=\"ltr\">Tencent leads #China tech selloff amid fears of further crackdown. Tencent fell as much as 6.3%. Beijing&#8217;s banking watchdog issued\u00a0warning against illegal fund-raising schemes &amp; an industry association\u00a0vowed\u00a0Mon to resist speculative trades in cap mkt. Alibaba dropped 4%. (BBG) pic.twitter.com\/OZBDK2Hbyv<\/p>\n<p>\u2014 Holger Zschaepitz (@Schuldensuehner) February 21, 2022<\/p>\n<p>The tech stock rout was highly reminiscent of July 2021, the period during which Bitcoin retraced the entirety of its year-to-date gains to bottom out at near $29,000.<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/btc-price-falls-below-38k-as-tencent-leads-worst-china-tech-rout-since-july\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) kept falling lower on Feb. 21 as $38,000 became the latest level to fail the test for bulls. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView $40,000 eyed as BTC relief bounce target Data from Cointelegraph Markets Pro and TradingView\u00a0painted a grim picture for BTC\/USD Monday, as $38,000 support abruptly vanished after holding throughout [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2079,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-2078","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2078","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2078"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2078\/revisions"}],"predecessor-version":[{"id":2080,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2078\/revisions\/2080"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2079"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}