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Bitcoin faces a hard time this week, as the cryptocurrency receives blow after blow without having time to recover.
First, a flight from risk amid the crisis of the Chinese developer Evergrande, then the unflattering comments of Gary Gensler from the SEC, and today another statement from China about a new wave of repression against cryptocurrency.
On Friday, ten of China's government departments, including the Central Bank, made a joint statement that they will completely eradicate "illegal" activities and ban cryptocurrency mining throughout the country.
The authorities have banded together to maintain "tough pressure" on the industry. The People's Bank of China says that cryptocurrencies are not only prohibited from mining in China. They are also prohibited from circulating in the country's market, and foreign exchanges are not allowed to serve investors in China via the Internet.
Payment companies and internet firms have no way of facilitating cryptocurrency transactions. Thus, the authorities intend to "decisively suppress speculative transactions with cryptocurrency and any activity related to these assets in order to protect investors and maintain order in the economic, financial and social sphere."
In parallel, the National Development and Reform Commission (NDRC) announced the launch of a thorough nationwide mining cleanup. The agency claims that such activities contribute little to China's economic growth, pose risks, consume huge amounts of energy and impede the achievement of carbon neutrality goals.
"It is imperative to eliminate cryptocurrency mining, which is key to ensuring the quality growth of the Chinese economy," says the NDRC notification to local authorities.
Against this background, panic resumed in the market. Bitcoin has lost almost all of its two-day gains, bouncing off the 44,807.24 resistance level, marked with a red dotted line. In addition, the BTC/USD price has again entered the important zone 40,977.38 - 41,980.24, conventionally separating the bull market zone from the bear market.
What can the market expect here? Technically, either consolidation for some time in the sideways, or breakout and consolidation below the zone 40,977.38 - 41,980.24. In the second case, the price can fall all the way to the July lows of about $30,000 per coin.
But it is worth noting that the area of 40,977.38 - 41,980.24 is quite strong support. Probably, they will not give it up so easily, a struggle can go on for it. A sideways trend and false breakouts are possible in this area. And even in this case, the victory can go to the cryptocurrencies. It is at least too early to bury the bull market from a technical point of view.
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