Bitcoin Plummeted Again, Can It Hold At 30,000?

 2021-06-22 11:20:48
At the request of China's central bank, some domestic banks and payment systems issued a document stating that they must not use its channels to conduct virtual currency transactions. Following this, the currency circle plummeted. Just two days later this week, BTC and ETH fell more than 10% on a weekly basis, DOGE fell nearly 30%, and the other mainstream currencies also fell bleakly. The central bank’s attitude towards virtual currencies is actually a commonplace topic. It has expressed its position since 2013, so the impact is limited. Illegal cross-border transfer of assets and money laundering did not only appear this year. The largest amount of money laundering in the world is the U.S. dollar, not a digital currency. The difference between the two is several orders of magnitude, but digital currency is difficult to track and supervise. More, this incident is a catalyst.


Back to the market, BTC plummeted to near $31,000 yesterday. Although it rebounded back to $33,000 today, the resistance at the key position of $35,000 will be very strong. We have not seen any signs of breaking through $35,000 and stabilizing and reversing the trend in the short term. The current price is around $31,600.


It fell from $40,000 to around $30,000 and fell by 25% in 7 days. There may be a small rebound in the intraday, but the rebound is not a reversal. In the future, BTC has a high probability of breaking through $30,000. In theory, there is a possibility of a breakdown of $20,000.


Resistance levels to see: $35,000, support levels to see: $30,000.


DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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