BTCNEXT
Published in

BTCNEXT

$30k to break in days? How China’s ban will affect Bitcoin

The time has come to retest the $30,000 support level. But how deep could we fall if it breaks? Find out what BTCNEXT analysts think!

9–22 June main events

  • China has banned banks and payment systems from dealing with Bitcoin. The People’s Bank of China (PBC) held a meeting https://drive.google.com/drive/folders/1UJx65gTLj444mxga15ojPjStDZl06BNhwith representatives of financial institutions. The regulator has banned them from participating in any cryptocurrency transactions.
  • Tesla and Bitcoin. Elon Musk said that the company will resume selling electric cars for Bitcoin if at least 50% of miners switch to renewable energy.
  • MicroStrategy bought another 13,005 BTC. The company bought Bitcoin for approximately $489 million. Is there a new rally coming?
  • Robert Kiyosaki predicts the biggest collapse in history. The businessman predicted “the largest crash in world history” and a fall in the first cryptocurrency price to $24,000.

Price Analysis

The Bitcoin price moved in a wide sideways corridor of $31,110-$40,840 for a whole month. This is a clear accumulation. The two main zones were: support $33,540-$34,500 and resistance $37,065-$38,410. The main volume assembled in the range of $34,500-$37,000. Taking into account recent events and statistics, BTC should go with the trend down to $27,000-$25,000. At present, an important level is $31,110. If the sellers manage to break this, we should prepare for a fall.

For continued growth, the buyers need to push Bitcoin above $37,000. If the candles close above this zone, then we should expect some growth to $40,840 with the potential to rise to $47,000-$53,000. The growth scenario looks less likely due to FUD in the market.

The current situation looks dangerous for altcoins — they are falling in price faster than the main cryptocurrency. However, if Bitcoin drops to $25,000-$27,000, there is a chance for altcoins to gain positions for the long term.

That’s all! If you want to continue receiving price analyses — stay tuned for more BTCNEXT updates!

To learn more about BTCNEXT, visit our official Website.

Or find us on Twitter, Telegram, Facebook, Medium & LinkedIn.

--

--

--

BTCNEXT — the future of crypto exchange is here. We offer high level security, adjusted trading fee, margin trading. Exchange to change your life for better!

Recommended from Medium

What is ICO presale and what are its benefits

🗓️ Huobi Pro brings Blockchain heavyweights to Vietnam.

Huincoin(HNC) White Paper Chapter 2: Opportunities in industry upgrade

WISH Finance Yield Farming!

"The very principles of economics suggest that scarcity, validity, and demand can transform…

The Art of Cryptowaves: Colours and Life

Explanation of the first phase of the iBasis project

Monster Galaxy is Launching on TrustPad!

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
BTCNEXT

BTCNEXT

More from Medium

Bitcoin Futures Exchange DAOBIT! ⭐open event⭐

Survive The Crypto Crash And Fed Monetary Policy

Blockchain File: Cryptocurrencies and Energy Issue

VeChain in China: New Year’s Goods Recommendations Based On Items Currently Tracked On VeChainThor!