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The weekend in the cryptocurrency market has been hectic. Bitcoin has tumbled, pulling altcoins along with it as the Chinese government tightens its crackdown on mining companies.
Plans to attack bitcoin mining and trading in the country became known from the statement of the State Council Committee. A cabinet decision led by Chinese Vice Premier Liu He showed that regulatory controls are aimed at mining virtual currency as a way to protect against financial risks.
Some miners, such as Huobi and BTC.TOP responded by saying they would suspend operations in mainland China.
Thus, Huobi announced that it has suspended cryptocurrency mining and the provision of trading services to new clients. Instead, the company intends to focus on providing services overseas.
Mining company BTC.TOP, in announcing the termination of operations in China, cited growing concerns about regulatory requirements. And HashCow has announced that it will not invest in any new BTC mining rigs.
The mining ban was the second blow from China to the cryptocurrency market. But, as we can see, its influence was already as strong as the collapse of the "bloody Wednesday". On Sunday, bitcoin lost 17%, at the moment it went into the area of $31,000 per coin but did not update the minimum of a week.
What's next? The range of 28,392.99 - 41,980.24 remains a broad frame for bitcoin. Locally, the level of 38,610.88 was outlined as a resistance, which worked before, and now it may remain the actual resistance. But not a fact, we must observe.
As the target for the downward trend, it is worth keeping in mind the minimum of the "bloody Wednesday" - the level of 29,348.95. But so far, the breakdown of support level 34,708.27 is questionable.
Well, the technical picture can hardly be called clear, except for the "wide frame" - the corridor 28,392.99 - 41,980.24. And locally, the situation is likely to become clearer in the coming days. At least, if no new shocks follow, bitcoin will recover. And it is necessary to wait for the formation of the border of this growth.
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