JICPT| BTC got hit by China’s crackdown on crypto! for BITFINEX:BTCUSD by JICPT

Hello BTC traders. I was just posted a bullish BTC post yesterday and got slammed today. The maximum intra-day loss of BTC is over 8%. The strong holder still held well so far. Such volatile move is driven by a powerful influencer-China.

The central bank of China reiterated that all crypto-related activities, including trading, mining, token issuance, are all illegal. Workers of foreign crypto exchanges will be investigated. That’s something we should take seriously.

Let’s recap of my four big influencers as below with China the super killer. The second and third ones are supporters, leaving the last one in the neutral position.

1. Chinese government is definitely against crypto, except the Digital Currency Electronic Payment (DC/EP). Normally, BTC got smashed by relevant news from China. Btw, China accounts for more than 50% of the global bitcoin production. China acts as a super killer.

2. Elon Musk who often influences bitcoin price via twitter . Price move could be up or down. His influence seems to drop drastically recently.

3. US financial institutions are supporters. They have clear plans to set up fund for wealthy clients, e.g. JP, Wells Fargo. So positive for the crypto.

4. US government senior officials express concerns on BTC for money laundering issues. However, this only lead to tighter regulation, not ban of the crypto.

By the way, China is also working on its own digital currency. It’s the leading country in the world to launch the central bank backed digital currencies. I guess that’s one of the reason why it’s taking a harsh towards crypto currencies, especially Bitcoin .

On the technical side, I still believe the strong holder zone around $40000. Please be advised that two many visits weaken the zone. This is the second time. The sooner price leaves the zone, the better chance it moves to the upside.

What do you think? Give me a like if you’re with me.

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