The Chinese Government Hunts for Bitcoin Miners in Data Centres

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The Chinese government has put in measures to track and arrest Bitcoin miners in data centres. The regulators have tried to curb this crypto mining with threats, measurements of energy utilization, and the establishment of hotlines.

The will to curb crypto miners has prompted the flee of many data miners to countries like Iceland and USA. Other illegal miners have tried to beat the security system by mining in areas where they will be hard to locate like abandoned factories and charging stations.

Key Bitcoin (BTCUSD) Levels To Watch — October 2

Bitcoin has crashed in a step-wise order throughout the year. The selling pressure at the supply levels has violated the demand levels.

The China Government Hunts for Bitcoin Miners in Data Centres
BTCUSD – Daily Chart on Coinbase. Source: Tradingview.

The market was in consolidation from May to June. The bears and bulls seemed to be stuck with each other between $31804 and $28245.

The Moving Averages (Period eighty-nine and two hundred) are resting above the daily candles revealing a very bearish market. The Stochastic is also reaching into the overbought zone. The market is expected to crash below 18714.

Bitcoin Key Levels

Resistance Levels:$44577, $31804, $25259
Support Levels: $37185, $28245, $18714

 Total Market Capitalization: $963.0B
Bitcoin Market Capitalization: $385,0B
Bitcoin Dominance: 40.0%
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.