China Amps-Up Anti-Crypto Campaign as Bitcoin Struggles with $20,000

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As the crypto market valuation tanks under the $1 trillion mark and Bitcoin (BTC) struggles with the $20,000 mark, China has heightened its anti-Bitcoin campaign.

State-run Chinese newspaper Economic Daily recently advised Bitcoin investors to adopt extreme caution as it predicted that the benchmark cryptocurrency is “heading to zero.”

This misinformation comes as an ongoing strategy by Beijing to discourage citizens from engaging in the crypto industry.

Economic Daily accused the western world of creating a highly-leveraged market “full of manipulation and pseudo-technology concepts.” The state-run news agency added that this was an “important external factor” partly responsible for the famous Bitcoin price volatility. The newspaper reported:

“Bitcoin is nothing more than a string of digital codes, and its returns mainly come from buying low and selling high. In the future, once investors’ confidence collapses or when sovereign countries declare Bitcoin illegal, it will return to its original value, which is utterly worthless.”

Over the past several months, China has placed an outright ban on all crypto-related activities within its jurisdiction. This includes activities like cryptocurrency trading, mining, fundraising, investing, and so much more.

In another warning published earlier this week, the Financial Regulatory Bureau of Shenzhen noted that it posed a threat to “property security.” The report also claimed that crypto could heighten criminal activities while undermining financial order, as per the Bureau.

Key Bitcoin Levels to Watch — June 23

Bitcoin has fallen into a sideways pattern in the last 48 hours between the $21,000 and $20,000 price points, as market participants await external impetus. This comes after a failed attempt at $22,000 on Tuesday, suggesting that a downward stride towards the $19,000 area could ensue in the coming hours.

BTCUSD – 4-Hour Chart on Gemini. Source: TradingView.

As mentioned earlier, the market is awaiting fresh impetus from external factors as the technicals take a backseat amid the ongoing “crypto winter.” Regardless, volatility should seep into the market again over the weekend, possibly driving prices lower.

Meanwhile, my resistance levels are at $21,000, $22,000, and $23,000, and my key support levels are at $20,000, $19,000, and $18,000.

Total Market Capitalization: $909.2 billion

Bitcoin Market Capitalization: $390.5 billion

Bitcoin Dominance: 42.9%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.