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A new week has kicked off for Bitcoin with another blow. China is seriously tightening the screws on cryptocurrencies.
On Monday, the People's Bank of China ordered major banks and payment companies to fight hard to track cryptocurrency transactions. After that, the Agricultural Bank of China and the widespread payment platform Ant Group's Alipay said that they will strengthen the monitoring of crypto transactions.
And if in May the Chinese ban was perceived by many skeptically, saying it is impossible to track operations, and no one will do it, now, as we see, the authorities are more serious than ever.
Against this background, the hash rate, which measures the computing power of the Bitcoin network, has fallen to the lowest values since the end of last year. Consequently, mining has slowed down significantly.
Miners were also seriously pressed. Large provinces, which are considered the main centers of mining, have introduced their own bans. There, energy suppliers were banned from serving miners, and cloud companies also denied them services.
However, the price drop may be temporary, as miners may now be forced to sell some of the Bitcoins in order to receive money.
Is it worth considering that "everything is lost" in this situation? If you look at the chart, not yet. And there are three reasons for this, which we will talk about later.
In the meantime, let's take a break from local troubles and look at bitcoin from above and from a different angle.
For example, well-known crypto expert Mike Novogratz still believes in the main cryptocurrency. He emphasizes that in terms of long-term strategy, Bitcoin is more preferable than gold. It has the same macroeconomic tailwinds as the precious metal, but it is now at a very early stage of the adoption curve.
According to Novogratz, central banks and the Department of Finance, which are forced to issue their national currencies and require new assets to secure them, will need new reliable assets. Bitcoin is one of them.
"So you have solid assets. You know that real estate is a solid asset. Gold is a solid asset. Stocks can be solid assets and, of course, cryptocurrency."
The key advantage of bitcoin is its ecosystem, which is now in its infancy and will develop rapidly in the near future.
Moreover, a digital currency-based financial system will create a new architecture for the financial world that is "more transparent, more efficient, and fairer."
Now let's look at the chart. At the time of writing, Bitcoin has not yet updated the lows of May 19. This shadow was formed at the time of the first collapse in response to the Chinese ban. But this fall was bought out, the market went sideways.
Today, the support level of 31,082.82 (red dotted line) is broken, but the candlestick has not yet closed. Therefore, it may be desirable to conclude the breakdown, but it is still premature.
Finally, the strong support of 28,392.99 is still there, so the sideways consolidation of 28,392.99-41,980.24 is still relevant.
It would be unprofessional to claim that Bitcoin will not fall lower. It may well fall, but so far there are no technical justifications for such conclusions. Clarity about the relevance of the sidewall 28,392,99-41,980,24, we will probably get in the coming days.
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