BTC/USD dropped to about $1,000 below overnight highs of $44,400 on Bitstamp on Sept. 27, according to data from Cointelegraph Markets Pro and TradingView. According to Cointelegraph contributor Michal van de Poppe, the move represents a rejection at a "important" zone to break, with $42,000 becoming the essential level to hold for a higher low. In his most recent YouTube update, he outlined how Bitcoin is performing in an increasingly limited range. “Right now, we're stuck,” he remarked, indicating that if the $44,600 zone is recaptured, the next target is $47,000.
Meanwhile, China made all cryptocurrency transactions illegal on Friday, attempting to stop its citizens from using unregulated digital currencies. It was the latest in a slew of restrictions imposed by President Xi Jinping's Chinese Communist Party. Bitcoin has reclaimed the $42,600 level and is now testing the $44,000 resistance level, while other cryptocurrencies are also rising. Ethereum regained its strong upward momentum and reclaimed the $3,100 mark. Dogecoin is currently attempting to reclaim $0.2050, while XRP is attempting to break through the $0.95 barrier level.
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