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The Chinese ban in September 2017 led BTC to ATH

2 min read

 

The Chinese ban in September 2017 led BTC to ATH
BTC can go to ATH thanks to China. Source: Shutterstock.com/Andreanicolini

Many investors are frustrated by the expansion Chinese ban on cryptocurrencies. China also published such an extensive restriction 4 years ago in September 2017. What followed then? By December, BTC had risen to $ 20,000 at ATH in 3 months.

This fact has not disappeared even for long-standing market participants, including those on social media, where Chinese news initially emerged and caused panic.

For a trader and analyst, Rekt Capital, meanwhile sale only pointed out the inexperience of newcomers to the market:

“BTC investors who have been on the market for some time have heard many different news from China. But the new investors, unarmed by this experience, are the ones most affected. ” wrote on Twitter on this day.

 

Untouched BTC support for $ 38,000

However, this step erased for several days profits from the BTC price, including those resulting from the launch of the Lightning Network rewards on Twitter. However, if we look at the composition of the spot market, it was clear that sales had little effect on the aid, which was still accumulating below the $ 40,000 mark.

Levels of BTC purchases and sales at Binance.  Source: Material Indicators

 

Levels of BTC purchases and sales at Binance. Source: Material Indicators

The minimum monthly close price for September meanwhile still remains at $ 43,000. So will the scenario be repeated 4 years ago and will BTC grow to a new ATH by December?

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