Bitcoin falls under $ 7,500 to $ – Binance Office closed in Shanghai
The price of Bitcoin has dropped below the 7,500 USD after the price yesterday, still at over 8,200 USD. According to unconfirmed rumors, the closure of Binance in Shanghai could be responsible for it.
According to an article by “Theblockcrypto.com” closed the Office of Binance in Shanghai, on the basis of a search warrant by the police. The 50 to 100 employees have stopped Working in the office and to go to Huase. The Shanghai government has recently carried out an investigation in cryptocurrency-related activities, while Binance has also made his ambitions on the Chinese market return in the recent months.
The employees to either work from home or to Singapore move. The Block of that anonymous sources involved with the case have carried this information to the news magazine approach. Whether these claims actually correspond to the truth can be confirmed finally, or denied.
Crypto analysts are currently trying to assess the current Situation and the way forward for Bitcoin after the big break-in to explore. DonAlt with sharing on Twitter its 123,000 followers that he thinks that Bitcoin is in the midst of a natural correction after it’s risen the beginning of the year to 14,000 dollars.
People that talk to just about 3000 dollars are more unreasonable than the people talking about new highs. A run from $200 -> $20k will take some time to digest.
$3k was an Overreaction to the negative side. 14.000 $ were an Overreaction on the upward trend. Now we need to find the middle ground.
Nick Patel told his Crew of 75,000 followers, the next Level to look at you, are 7.300 Dollar. If that doesn’t hälr, he thinks that a further decline to 6,100 $ is in the game.
If BTC can find no ground, as I imagined it to be, I think we will go all the way to this ~7300 to take out low point. If this happens, press the thumb for a momentum failure, because a clean break would probably lead to a retreat to ~6100.
RA Capital writes its 24,000 followers, that there are many precedents for a Bitcoin waste before the Halving, which will reduce the reward for Mining that the network operate in half next may.
Bitcoin tends to be a few months before the halving heavily to trace back. These feedback steps are usually the first major correction in a new BTC Bull market. They tend to have a wick floor, followed by a Higher Low (black trend line). The HL shows that people want to buy BTC at a premium.
Meanwhile, the crypto-market analysis company, Skew, says that today’s price action has eliminated the Pump of Bitcoin to the end of October effectively, cited Reports from China that President Jinping Xi urges to support the Blockchain technology, but not the crypto industry.
Bitcoin’s one-month low @ $7.5 k – just erased entirely the China led squeeze pic.twitter.com/NTJJME0LvQ
— skew (@skewdotcom) November 21, 2019
At the present time can be estimated in which direction Bitcoin will develop.
Featured Image: Canaan_MIning | Shutterstock
