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BTC drops below $ 7,000, cryptocurrencies remain under pressure from authorities in China

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Bitcoin slipped below $ 7,000 for the first time since November, with the sale pushing its price to its lowest levels since May.

The $ 6500 level is the next key level currently under review. If the price continues to fall below this level, the pressure could push the price up to $ 4000.

The series of lower highs and lows over the last six months did not foreshadow a good technical picture, but from a fundamental point of view, something really significant and positive will have to happen to revive the price.

In recent months, cryptocurrencies have remained under severe pressure from the Chinese government, which is taking counter-measures against the industry. In June, Chinese authorities arrested several suspects in a pyramid scheme that promised a 600% return. Last month, authorities in Shanghai launched an operation against crypto companies.

BTC is expected to continue to fall because the perpetrators behind the $ 2 billion robbery continue to dump horses to cash the horses.

Source: Bloomberg Finance L.P.

Graphs: Used with permission of Bloomberg Finance L.P.


 Trader Martin Nikolov

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