Bitcoin Weakens Sharply as China Extended the Stoppage on the Bitcoin Mining Industry; July 13, 2021

Bitcoin Weakens Sharply as China Extended the Stoppage on the Bitcoin Mining Industry

The bitcoin depreciated sharply in previous session on news that China will continue its ban to use digital currency on the bitcoin mining industry. In addition, PBoC had asked several banks and financial institutions to take a strict stance over cryptocurrency trading. During last few days, BTC/USD failed to find support above US$36,000 but touched US$32,660 mark in previous session.

Technical View:

  • Today bitcoin trades in narrow range and hovers around $33,000 mark.
  • The pair made intraday high at $33,235 and low at $32,750 mark.
  • Today a day chart and H1 chart with triple EMA confirms further weaknesses in short run.
  • A sustained close above $33,500 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $32,400 will check further supports.
$32,750 $33,350
$32,480 $33,500
$32,100 $33,870
$31,820 $34,050
$31,560 $34,263

Take a look and do trade wisely!
Good Luck

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