Bitcoin Proponents Optimistic About China’s Crypto Ban

26 September 2021 | Updated: 26 September 2021

Following the fresh attack on the crypto industry, Bitcoin (BTC) proponents have argued that this is “a blessing in disguise” for the benchmark cryptocurrency.

The recent Evergande real estate crisis triggered a selloff in the benchmark cryptocurrency last week. Shortly after, BTC received another blow from a reiteration of intolerance on the crypto industry by the PBoC.

Usually, when events like this occur, Bitcoin proponents react to the FUD with panic. However, it was different this time as the crypto community is increasingly coming to terms with the fact that the Bitcoin market can and will survive (and thrive) without the Chinese market.

Many prominent figures have asserted that the crackdown on crypto by the Chinese government is a healthy development for the industry in the long term. In 2009, China placed a ban on YouTube and Facebook and extended this ban to Google in 2010. In 2019, Wikipedia suffered the same fate. Interestingly, all of these organizations have thrived, excelled, and grown into multi-billion dollar entities despite the opposition from the Chinese government.

As such, Bitcoin proponents argue that China’s fear of the cryptocurrency industry is simply its natural reaction to new and emerging technology and that just like the other entities mentioned earlier, BTC would thrive and succeed.

Key Bitcoin Levels to Watch — September 26

Following its sharp decline this morning, BTC has touched the $41,000 line again. The benchmark cryptocurrency has recorded a double-bottom pattern on our 4-hour chart, which typically alerts us of a looming bull rally. That said, we have our Bullish target on the $44,000 line (and possibly higher) for today amid the impending rebound.

BTCUSD – 4-Hour Chart

However, the primary cryptocurrency has wandered too close to the critical $41,000 pivot area and needs to regain a footing above $43,000 soon to forestall any bearish aspirations.

Meanwhile, our resistance levels are at $43,000, $44,000, and $45,000, and our key support levels are at $41,000, $40,500, and $40,000.

Total Market Capitalization: $1.89 trillion

Bitcoin Market Capitalization: $795.3 billion

Bitcoin Dominance: 42.1%

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.