trading below $43,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $43,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could resume its decline if it fails to recover above the $43,000 zone. Bitcoin Price Corrects Losses Bitcoin price failed to stay above the $46,000 support zone. As a result, there was a sharp decline in BTC below the $45,000 level (as discussed yesterday). The price broke many support zones near $44,000 and $43,000 to enter a bearish zone. The decline gained below $42,000 and the price settled below the 100 hourly simple moving average. It traded close to $40,000 and a low was formed near $40,200. 5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now! Bitcoin is now correcting higher and it broke the $41,500 level. The price was able to surpass the 50% Fib retracement level of the recent drop from the $44,250 swing high to $40,200 low. An immediate resistance on the upside is near the $43,000 level. The first major resistance sits near the $43,100 level. There is also a major bearish trend line forming with resistance near $43,100 on the hourly chart of the BTC/USD pair. Bitcoin Price Get 110 USDT Futures Bonus for FREE! Source: BTCUSD on TradingView.com The trend line is close to the 76.4% Fib retracement level of the recent drop from the $44,250 swing high to $40,200 low. To start a strong recovery, the price must clear the $43,100 resistance. The next major resistance is near the $44,000 zone, above which the price could revisit the $45,000 resistance. More Losses In BTC? If bitcoin fails to clear the $43,100 resistance zone, it could resume its decline. An immediate support on the downside is near the $42,200 level. The next major support is near the $41,500 zone. A downside break below the $41,500 zone could trigger a fresh decline towards the $40,500 level or even $40,000. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well below the 50 level. Major Support Levels – $41,500, followed by $40,500. Major Resistance Levels – $43,000, $43,100 and $44,000. Tags: bitcoinbtcusdBTCUSDTxbtusd BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Aayush Jindal Aayush Jindal Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. 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Or is this a case of “lost in translation” and quotes out of context? An article titled “We are in a war against bitcoin,” says Turkey’s president” has been making the rounds over at Bitcoin-Twitter, receiving both mockery and rightful criticism. However, we noticed a crucial detail: the article doesn’t contain a direct quote from Erdogan. That’s suspect. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Armed with an iron will and Google Translate, NewsBTC explored the issue and came to unexpected conclusions. 5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now! Let’s fall into the rabbit hole. Is It War Against Bitcoin Or War Against Cryptocurrencies? The original article cited a mainstream and generally trusted source, an article in Turkish at Bloomberght titled “Erdogan: We have a separate war against cryptocurrencies.” Reportedly, the president held a Youth Meeting Program, so his audience for this was students from all over the country. They were discussing the Digital Turkish Lira, the country’s proposed CBDC, and one of the participants asked about their current views on cryptocurrencies: Get 110 USDT Futures Bonus for FREE! “Erdoğan said that they do not have a problem of opening up to crypto money, on the contrary, they have a separate war and struggle against them. Erdogan said, “We will not give them such a premium, nor will we. Because we will continue on our way with our money, which is our fundamental identity in this matter.” He never even mentions a war against Bitcoin. Remember, this is a Google translation and some info might’ve been lost. However, the discrepancies are there. The President says they “do not have a problem” with crypto, but that “on the contrary, they have a separate war and struggle against them.” On the contrary to what? And do notice, it’s not a direct quote either. In the actual Erdogan quote, he says nothing about a war against Bitcoin. We need more data. Let’s consult other sources. What Did President Erdogan Say Exactly? A quick search leads us to The New Arab. They don’t quote the President directly, but their translation makes much clearer the intent of what he said: “Erdogan claimed that the country “definitely” doesn’t have a problem with the spread of digital assets. However, that Turkey would carry on with its own money, which he believes is part of the national identity.” They don’t have a problem with the spread of digital assets because they’re preparing their CBDC, and their way to sell it is that money is “part of the national identity.” Got it. But, what about this war against Bitcoin thing? A second search leads us to Newsbit, who seemingly quote a much more clear-headed President Erdogan directly: “We have absolutely no intention of embracing cryptocurrencies,” the president replied, adding: “On the contrary, we have a war against them. We would never support cryptocurrencies. Because we continue with our own currency that has its own identity.” Ok, now we know that Erdogan never said anything about a war against Bitcoin and always referred to cryptocurrencies. And that, in code, he was always talking about the Digital Turkish Lira. However, did he really say all that? That quote seems suspiciously close to the original Bloomberg quote, and that one wasn’t literal. If the President said everything that clearly, why wouldn’t Bloomberg quote him? BTCUSD price chart for 09/20/2021 - TradingView BTC price chart for 09/20/2021 on Exmo | Source: BTC/USD on TradingView.com Time To Consult Primary Sources Luckily for us, Newsbit linked to the Anadolu Agency, a Turkish state-run news agency. This is as close to primary sources as we’re going to get. A report on the whole event that only casually mentions cryptocurrencies at the end. Is the quote present in that report? What did President Erdogan say exactly? Well, according to the Anadolu Agency: “Erdoğan said that they do not have a problem of opening up to crypto money, on the contrary, they have a separate war and struggle against them. Erdogan said, “We will not give them such a premium, nor will we. Because we will continue on our way with our money, which is our fundamental identity in this matter.” Related Reading | Turkey’s Economic Turmoil Shows Bitcoin Is a Better Bet Than Emerging Markets That’s right! The same exact quote with the same exact wording that Bloomberg used at the beginning. So, Bloomberg literally copied and pasted their article. And Newsbit’s supposed quote is just a rewording of that phrase. We don’t know exactly what President Erdogan said, but at least his intention is clear: Yes to his CBDC. War on cryptocurrencies. And we know for sure he never said anything about a war against Bitcoin. Cryptocurrencies and Bitcoin are not synonymous, journalists. Featured Image by Faruk Melik ÇEVİK on Unsplash - Charts by TradingView Tags: Anadolu AgencybloombergCBDCCBDCscrypto twitterDigital Turkish LiraNewsbitPresident ErdoganThe New ArabTurkeyTurkishTurkish LiraYouth Meeting Program BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Eduardo Próspero Eduardo Próspero Eduardo Prospero is an author, a content writer, and a professional rapper. A Bitcoin maximalist in disguise. Working on a Bitcoin book. Venezuelan. He wrote a novel, but it's only available in Spanish. It's called "La Tormenta." 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