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| Sources : ambcrypto.com |
The massive Bitcoin [BTC] parabolic bullish swing shattered resistance and psychological levels alike. Since breaking $5,000 in early April, nothing has broken the top cryptocurrency’s surge, and now the looming Chinese shadow hovering at $7,300 has also been surpassed.
With a slew of significant bumps occurring since the April ascendance, many expected Bitcoin to halt dead in its tracks. The Bitfinex-Tether fiasco during the close of April was the first inkling of a correction, but Bitcoin managed to stay firm and even rose above $5,800 within a week.
Then came the biggest hack of the year; following the likes of QuadrigaCX, Bithumb, and Cryptopia, Binance, the largest cryptocurrency exchange in the world was hacked for a whopping $40 million, leading to an inevitable bearish decline. The markets yet again held firm, with Bitcoin breaking $6,000 days later, followed by a rapid push over $7,000, defying the November 2018 price level and mounting a 9-month high.
With Bitcoin breaking $7,300 some time ago and showing positing signs, the battle between the king coin and the Chinese market, so long the mainstay in the cryptocurrency world, has been braved, with the crypto-asset reasserting its dominance.
The level of $7,300 roughly converts to 50,000 Chinese yuan [RMB], which for long has been a resistance level for the price of Bitcoin. With the obstacle in the rear-view mirror, analysts are pegging that the hold of the Chinese market on the cryptocurrency world has been loosened.
With a slew of significant bumps occurring since the April ascendance, many expected Bitcoin to halt dead in its tracks. The Bitfinex-Tether fiasco during the close of April was the first inkling of a correction, but Bitcoin managed to stay firm and even rose above $5,800 within a week.
Then came the biggest hack of the year; following the likes of QuadrigaCX, Bithumb, and Cryptopia, Binance, the largest cryptocurrency exchange in the world was hacked for a whopping $40 million, leading to an inevitable bearish decline. The markets yet again held firm, with Bitcoin breaking $6,000 days later, followed by a rapid push over $7,000, defying the November 2018 price level and mounting a 9-month high.
With Bitcoin breaking $7,300 some time ago and showing positing signs, the battle between the king coin and the Chinese market, so long the mainstay in the cryptocurrency world, has been braved, with the crypto-asset reasserting its dominance.
The level of $7,300 roughly converts to 50,000 Chinese yuan [RMB], which for long has been a resistance level for the price of Bitcoin. With the obstacle in the rear-view mirror, analysts are pegging that the hold of the Chinese market on the cryptocurrency world has been loosened.
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| Sources : ambcrypto.com |
For years, the whim of the Chinese government has been a thorn in the side of the cryptocurrency market. When the Asian giant, back in 2017, banned exchanges and ICOs, the market Bitcoin fell by over $700, the same was seen in September 2018, when a WeChat crackdown of crypto-communication resulted in slipping below $7,000. Interestingly, the recent pump is the first time the BTC price has crossed $7,000 since the fall in September.
Additionally, the April ascendance occurred a day after a report from a Chinese macroeconomic policy agency detailing the need to ban cryptocurrency mining due to its energy consumption patterns. The ban which is still under public consultation, which aimed to, according to many, cut the source of crypto-mining didn’t halt the market, and, in fact, preceded the biggest daily gain for Bitcoin since April 2018.
Additionally, the April ascendance occurred a day after a report from a Chinese macroeconomic policy agency detailing the need to ban cryptocurrency mining due to its energy consumption patterns. The ban which is still under public consultation, which aimed to, according to many, cut the source of crypto-mining didn’t halt the market, and, in fact, preceded the biggest daily gain for Bitcoin since April 2018.
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| Sources : ambcrypto.com |
From Beijing to Tokoyo, with the Chinese hold knocked off, Bitcoin has also surpassed the noted “Sushi premium” of 800,000 Japanese Yen. At press time, the king coin is trading at 819,545 Japanese Yen on Bitflyer, the largest licensed cryptocurrency exchange in Japan.
With the Chinese and Japanese resistance level of 50,000 RMB and 800,000 YEN surpassed, can anything hold back the king coin’s rally?
With the Chinese and Japanese resistance level of 50,000 RMB and 800,000 YEN surpassed, can anything hold back the king coin’s rally?
Sources :
Author : Aakash Athawasya
AMBCRYPTO
Images :
AMBCRYPTO.COM
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