- “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.
Recommended Content
Editors’ Picks
Bitcoin, Ethereum prices struggle after mixed US NFP data
BTC and ETH prices experienced a temporary pullback as crypto market participants reacted to the news of the US NFP data release for May. Similar to the situation in April, the number of Nonfarm Payrolls added far exceeded the market’s expectations.
Solana: A break above $26.30 would spell doom for bears
SOL price has been trading with a bullish bias after an explosive breakout on December 30. However, because of volatility and the gloom in the broader crypto market, SOL has been unable to break above a key hurdle at $26.30, causing the price to trade sideways.
Bitcoin Weekly Forecast: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.
China crypto community picks Ethereum, Arbitrum and BNB Chain as top protocols
Ethereum, Arbitrum and BNB Chain protocols are top picks for the Chinese crypto community, data from a report shows, a possible bullish catalyst for tokens related to these protocols as Hong Kong opens the door of crypto to retail investors.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.