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$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 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!

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