Previous article Bitcoin shrugs off Chinese crackdown as BTC bounces above $44k Next article Home Latest Cryptocurrency News Bitcoin shrugs off Chinese crackdown as BTC bounces above $44k Bitcoin shrugs off Chinese crackdown as BTC bounces above $44k By - min read 27 September 2021 BTC price regained support above multiple zones amid sustained upside on Monday Bitcoin price is up 7% in intraday trades on Monday after bulls shrugged off a weekend sell-off catalysed by fresh negative news from China. The price of the benchmark cryptocurrency rose to highs of $44,338 during the Asian trading session, with the upsurge for the top crypto cascading through major altcoins. Among altcoins, Ethereum (ETH) is seeing the most gains in the top-10 category by market cap, with ETH/USD up 12% in the past 24 hours. Other coins to post swift recoveries following the Friday sell-off are Solana (SOL) with 9.8%, Binance Coin (BNB) with 9.3% and XRP with 7.6%. Overall, the total crypto market capitalisation rose more than 6% to stand at around $2.03 trillion at the time of writing. BTC price bounces above $44k Bitcoin's price had slipped to lows of $40,555 last week as panic hit the market on the back of a new crackdown on Bitcoin and crypto trading in China. The dump threatened to send BTC price below $40,000, but after a weekend of bullish strength, the crypto is back above $44,000 as buyers target more gains this week. Bitcoin's rebound comes as some major crypto-linked stocks slumped due to the Chinese crackdown. According to Reuters, the stock prices of Huobi Tech and OKG Technology Holdings dropped 30% and 20% respectively early on Monday. While crypto-related stocks floundered, BTC registered an uptick. BTC/USD 4-hour chart. Source: TradingView Looking at the daily chart, crypto analyst Rekt Capital suggests BTC price is set to see further growth if bulls achieve a daily close above $43,800. #BTC continues to dig into the red resistance area after forming yet another Higher Low A Daily Close inside the red area would be positive but it's important the bottom of the red box is flipped into support to confirm a breakout beyond this red area$BTC #Crypto #Bitcoin https://t.co/HXF5F9fLIy pic.twitter.com/VAwVnDFlAA — Rekt Capital (@rektcapital) September 27, 2021 At the time of writing, BTC/USD is trading around $43,850 as some retail investors take profits. However, the technical outlook signals a bullish continuation as prices hold above the 50 moving average on the 4-hour chart at $43,632. If the positive picture remains relevant over the coming days, buyers can target the 100 4-hour moving average at $45,151 and then horizontal resistance near $46,700. Check out our how to buy Bitcoin page here Share this article Categories Markets Tags Bitcoin News China