China Pressure On Bitcoin (BTC) Continues! – Liu He’s Statements Cause a Drop in BTC

The Chinese FUD, which started with the warnings of three associations affiliated to the Central Bank of China against cryptocurrencies, continues.

China’s Financial Stability and Development Committee (FSDC) has come to the fore with a new pressure after previously banning financial institutions from providing services over cryptocurrencies. Continuing its attitude towards cryptocurrencies at the 51st meeting, FSDC took an oppressive decision this time around cryptocurrency mining and trading.

Led by Liu He!

He’s statements at the meeting chaired by Chinese Deputy Prime Minister Liu He caused a rapid drop in BTC.

He made a statement saying, “We will take drastic measures on Bitcoin mining,” and continued his statement that we want to continue the stable yuan policy in order to prevent inflation.

Bitcoin’s (BTC) Response!

During these announcements, BTC, which pushed a significant $ 42,000 level, experienced a 12% decline with sales coming in rapidly. With this decline, BTC, which throws at $ 36,600, the lower band of the Bollinger Bands on the 4-hour chart, finds buyers at $ 36,500 as of the time of broadcast.

Bitcoin (BTC) 4-Hour Chart – Source: Tradingview

BTC, which is also a very important level on the hourly chart and fell rapidly from around $ 42,000, which corresponds to MA100, seems to hold on to the Ichimoku cloud for now. Although the recent FUD news in Bitcoin affected BTC badly at that time, it seems that there was still an interest in BTC in the market and the price continued to rise afterwards. So once this FUD news period is over, BTC is expected to rebound.

Bitcoin (BTC) Hourly Chart – Source: Tradingview

* The above is not an investment advice, please make your own investment decisions yourself.

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