Bitcoin price analysis: BTC/USD rejects $9,300 support; Desmond Marshall, head of the Floor HK says “China’s Crypto Ban Won’t Be Lifted Soon,”


  • “The situation in China is a little bit sensitive at this point around here,” says Marshall.
  • Bitcoin price trading within support and resistance levels; while 61.8% Fibo will stop further declines towards $9,000.

Bitcoin price, like most of the top ten cryptocurrencies, is down 2.67% in the last 24 hours on Monday. The king of the digital assets by market capitalization is trading below the bullish trend line we observed during last week. BTC/USD has recently, broken below the support level at $9,300 and is currently testing another immediate support level at $9,250.

China, on the other hand, is not even close to the idea of lifting the ban on cryptocurrencies. However, as digital asset trading dwindles in the country, blockchain technology is highly welcome and continues to grow. The managing director in a recent interview with the Finance Magnets said: “the situation in China is a little bit sensitive at this point around here.” He added that the topic of blockchain approached with care and distinction from cryptocurrencies.

“In terms of blockchain technology, China is quite open and welcomes this kind of discussion as well. But, of course, if we’re talking about cryptocurrencies or ICOs, that’s a definite no-no,” said Marshall.

While commenting on the intentions of the PBOC to come up with DCEP (Digital Currency Electronic Payments), he said:

“The key phrase here is ‘how it’s being used’,” he explained. “In terms of the application of it, they’re talking about electronic payments. We’re talking about consumer payments–buying a can of soda, paying rent, or just buying commodities (a handbag, etc.)”

Bitcoin price analysis

Bitcoin price is dancing within the support and resistance zones provided by the moving averages on the 240’ timeframe chart. On the upside, the BTC/USD will face resistance at 50 SMA close to $9,400, however, before that, the buyers must go beyond the selling pressure present at $9,300. On the downside, the immediate support is at $9,250, the 100 SMA will offer support around $9,225. The next target is the 50% Fib retracement level with the previous swing high of $11,675 and a low of $6,450 in the event of a continued downside movement towards $9,000.

BTC/USD 240’ chart

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

XRP bulls in spotlight as SEC v. Ripple court filing hints at early closure

XRP bulls in spotlight as SEC v. Ripple court filing hints at early closure

XRP price could make or break based on the outcome of Ripple Labs case with the US Securities and Exchange Commission (SEC). In the latest twist and turn in the courtroom drama, Ripple (XRP), which is a cross-border payment settlement firm.

More Ripple News

Bitcoin struggles to fly despite clear skies up to $19,280

Bitcoin struggles to fly despite clear skies up to $19,280

Bitcoin price is struggling to overcome a small hurdle after a fresh start to the week. A closer look reveals that BTC could easily trigger a rally but is unable to do so despite a lack of resistance to the upside.

More Bitcoin News

AVAX's traders bet should be on Avalanche bulls triggering a 15% rally

AVAX's traders bet should be on Avalanche bulls triggering a 15% rally

AVAX price has broken out of a critical hurdle and pattern, signaling the start of a quick run-up. However, bulls face another blockade that needs to be overcome to trigger an extended rally.

More Avalanche News

Ethereum bulls come to the rescue with a plan to revisit $1,500

Ethereum bulls come to the rescue with a plan to revisit $1,500

Ethereum price set up a local top after a quick run-up over the last week. This move was followed by a tight consolidation that resulted in a breakdown, allowing sidelined buyers to step up. As a result, ETH is primed for a quick run-up.  

More Ethereum news

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP