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Today’s Cryptocurrency Headline
According to OTC data, the OTC price of USDT is now around ¥6, and the current exchange rate of the US dollar is ¥6.15. The USDT premium fell as low as -4.3% last night and is now -3.03%. In addition, the current average OTC quotation of USDT in the centralized exchange is about ¥6.22, with a premium rate of -3.86%.
Bingbon’s Bitcoin Chart
Source: TradingView& Bingbon
Bitcoin price is still generally weak. Tough regulatory edicts from the government have put a temporary dent in the bullish sentiment. However, that doesn’t mean the crypto industry has stalled. Market sentiment is tense right now, but Bitcoin is still not falling precipitously. The $41,700 level has clearly become the short-term support level. A break below this level without recovery would set BTC up for a new downtrend channel and potentially return to the start point of the previous rally at $34,700.
Even so, the bulls need not be too discouraged. If BTC just pins in there and quickly pulls back above $38,000, it will mean that the whales have done their accumulation on this dip. More optimistically, if Bitcoin doesn’t fall below $40,000, the market’s resilience is solid and a retaliatory backlash is likely to follow.