Bitcoin dropped to new monthly-low below $3500 after BTCC's announcement

Eren Sengezer FXStreet

Bitcoin took a heavy hit on Thursday after another exchange platform in the world's largest digital currency market announced that it was going to stop operating. Shanghai-based BTCC, China's oldest platform, announced via Twitter that it was going to abandon domestic trading operations effective September 30.

"At press time, the statement is the latest to seemingly confirm China may be on the verge of a broader effort to curb domestic cryptocurrency activity, following yet another report by a local financial news source indicating that regulators are preparing a formal ban on domestic bitcoin exchanges," CoinDesk, a news and information provider on digital currencies, wrote in a report.

The BTC/USD pair dropped to its lowest level since August 9 at $3260 before recovering some of its losses. As of writing, the pair was trading at $3420, losing 11% on the day.

Technical levels to consider:

The first support for the pair is located at $3200 (100-DMA) ahead of $3000 (psychological level) and $2850 (July former resistance area). On the upside, $3850 (50-DMA) could be seen as the initial hurdle followed by $4000 (psychological level) and $4160 (Sep. 13 high).

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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