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Chinese Support for Bitcoin: Market Morale


Support for Bitcoin, which is trying to hold on to the level of 23 thousand dollars, came from China. The rapid recovery signal in the manufacturing and service sector in China after Covid 19 gave morale to the market.

Bitcoin Rises To $ 23,840 In The Morning

While Bitcoin rose to $ 23 thousand 840 with a rapid rise in the morning hours, Ethereum, holding on to the support of $ 1,600, found buyers at $ 1650.
Bitay Research Department Analyst Betül Yavuz evaluated the last 24 hours of the market. Yavuz's assessment is as follows;

“The outlook in the consumer confidence index and housing price indices announced in the USA yesterday indicated that the economic slowdown continued and lowered the risk appetite in the markets. Support came from China as Bitcoin tried to hold on to the $23,000 region. In China, which has been struggling with Covid-19 for a while and could not maintain its economic activity in its normal course, the rapid recovery signal by the manufacturing and service sector has given morale to the markets.

Bitcoin rose to $ 23,840 with a rapid rise in the morning hours. Ethereum, which is holding on to the $ 1,600 support, is finding buyers at $ 1650. In altcoins, the outlook is more positive on the new day. RIF, REN, ILV and BADGER stand out as the most rising cryptocurrencies in Bitay with double-digit gains on the new day.

In the macro data stream, the speeches of the FED vice presidents will be followed today. The appearance of the data to be announced and the signals from the authorities may cause activity on the market.

The crypto money market, which has been struggling to move up in recent days, when the dollar index and bonds have strengthened and the stock market has fallen, is trying to continue its movement in the 23 thousand - 25 thousand dollars band.

The positive signals from China yesterday gave some morale to the negative outlook in the last days. However, the total value of the cryptocurrency market has recovered around $1.1 trillion, while Bitcoin's dominance is 44.1, while Ethereum's is 19.5.”

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