Bitcoin

Bitcoin Market Report: BTC Drops Below $4000

Brief:


Bitcoin drops below $4000 as Chinese regulatory measures and social media rumors depress the price. Bitcoin is down -2.28% in 24 hours, down -15.16% on the week and down -2.32% on the month on a last price of $3967.36. BTC/USD is trading between a 24hr high of $4147.87 and a 24hr low of $3831.08 on a 24hr Okcoin volume of 544 BTC. The weekly trend is down.

Last price

3967.36 BTC/USD

$USD

last price $ 3967.36
one week ago $ 4676.01
percentage -15.16%

Volume

Volume

The 24 hour volume on Okcoin is 544 BTC.

Remarks

Bitcoin drops below $4000 as Chinese regulatory measures depress the price. Bitcoin is down -2.28% in 24 hours, down -15.16% on the week and down -2.32% on the month on a last price of $3967.36.

On September 01 on OKCoin bitcoin reached an all time high (ATH) of $5149.96. It’s been all downtrend since. The ATH resulted in profit taking which sent the price sharply lower.

Compounding the price descent was ambiguous reporting of the Chinese announcement to introduce regulatory controls for bitcoin and in particular ICO’s. In social media this was quickly misconstrued and erroneously reported as a ban on bitcoin exchanges. This led Chinese officials to make a second statement saying the action was to “pause” ICO’s, not to ban them.

While misreporting accounts for much of the price depression other factors also impacted the price of bitcoin.

In mainstream US finance a well known American banker was reported to have said bitcoin was “fraud”:

While markets lost value as investor confidence was eroded, bitcoin users pushed back:

CoinMarketCap YTD Chart

One Day Candles

XBTLivePriceTM
Bitcoin spot prices from four major exchanges at print time:

Bitcoin @Poloniex is $3879 down 6.3% in twenty-four hours.

Yesterday

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Price change

Price change is the percentage change within the period:

period change
day -2.28%
week -15.16%
month -2.32%

Featured Chart

Data source

Okcoin is the data source for this market report – except as noted.

Market capitalization

Market capitalization is the total $US dollar value of the Bitcoin market calculated using the formula:

market cap = ( circulating supply x last price )
Market cap $ 65,713,367,360
Circulating supply 16,563,500
Last price $ 3967.36
Circulating supply data courtesy of CoinMarketCap.com.

Daily High Low

daily high 4147.87
daily low 3831.08

Trend

The weekly trend is down.

trend is DOWN

Support

Support is the lowest price within the period:

period support
day 3831.08
week 3672.71

Resistance

Resistance is the highest price within the period:

period resistance
day 4147.87
week 4782.59

Range

Range is the difference in price within the period:

period range
day 316.79000000
week -708.65000000

Market sentiment

Market sentiment is bearish.

sentiment bearish

Image courtesy Pixabay.com

Summary

Bitcoin drops below $4000 as Chinese regulatory measures and social media rumors depress the price. Bitcoin is down -2.28% in 24 hours, down -15.16% on the week and down -2.32% on the month on a last price of $3967.36. The weekly trend is down. BTC/USD saw weekly resistance at $4782.59 and weekly support at $3672.71. Market sentiment is bearish.

Disclaimer

Past history is NOT an indicator of future results. Read the legal disclaimer:

http://kittybitcoin.com/docs/disclaimer.php

Printed

This report was printed on Wednesday September 13 2017 20:00 hours UTC. Contact KittyBitcoin to request custom reports. Share your thoughts with @KittyBitcoin on Twitter.

Thanks for reading! 🙂

Tags

Bitcoin, BTC, USD, Okcoin, Market, Report, BTC/USD

@KittyBitcoin supplies mobile friendly blockchain intelligence on http://kittybitcoin.com. Their favorite color is pink and the bigger the wool ball the better.
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