Bitcoin, Bank of China And The Cryptocurrency Industry, What Does The Future Hold For Bitcoin?

Bitcoin (BTC) has been experiencing notable selling strain recently, which has caused crucial damage to its complex influence. The Bank of China, one of the four biggest state-owned commercial banks in the country published on its website an infographic describing what is bitcoin, how it works, and how valuable it is generally. The state-sponsored Bank of China is offering what can be termed as a bullish point of view on Bitcoin notwithstanding the selling strain coming without minding the bullish developments that have occurred lately.

Bitcoin News Today – Bitcoin Price Analysis – Bitcoin Price Forecast – Bitcoin Nosedive To $9,400

As at press time, according to Bitcoin news today, BTC is trading down nearly 4% at its present price of $9,450, which is significantly low from its daily highs of over $10,200.

This downwards pressure is an extension from what was sustained a week ago when the cryptocurrency abruptly progressed to $11,000 before sustaining a sudden rush of selling strain that sent its price swaying to its present levels.

Analysts are beginning to predict the possibility that Bitcoin might continue to decline until it revisits its weekly support level that prevails below $9,000, and a failure to retain a price above this figure could lead to a notable setback. Josh Rager, a popular cryptocurrency analyst on Twitter commented;

“The ‘potential’ lower-high looks to be playing out with a price below $9,690. Eyeing price to make its way to sub $9k at the weekly support level to form a lower-low. Just trying to be fluid, not overly bearish as 4-digit BTC is still a gift,”

Cryptocurrency News Today – Bank of China Analysis BTC

It is a known fact that Bitcoin and other cryptocurrencies are banned in China and loathed by the Chinese Government. However, in a recent article published by the state-sponsored Bank of China, they elucidated how the Bitcoin currency works, and also made it a point of discussion as to why its price has been increasing lately.

In a recent tweet by Samson Mow, an influencer and a front runner in the crypto industry, he commented on the recent article describing how bullish it is for the cryptocurrency.

“Yesterday the #BankofChina posted up an article about #Bitcoin. They explained how $BTC works, why the price is going up, and why it’s valuable. Never thought I’d see that happen. #Bullish,” he tweeted.

Although it is ambiguous as to if the article holds any water. Does it change the country’s stance on BTC? Or does it mean that regardless of its present selling strain, Bitcoin is still broadly seen as being bullish across the world? This and many more are the current speculations going around.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$6,206.64
-6.72%

The CEO of Chinese tech giant Huawei believes that China can compete with Facebook for market share by providing its digital currency. Recently, Chinese media announced that china’s central bank, the people’s Bank of China, is starting its digital currency in response to Facebook’s Libra. As the Chinese Government believes that Facebook’s Libra could pose a threat to the country’s financial system.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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