The Bitcoin price prediction is that bulls will have a hard time in the near term, as Chinese authorities extended the dragnet of the cryptocurrency bans following a meeting with stakeholders.
In furtherance of Beijing’s increasingly hardline stance against cryptocurrencies, other financial institutions in China have been asked to cut off all payment channels used by crypto exchanges or OTC platforms, in addition to the earlier bans put in place. The financial institutions that have now come under the PBOC’s crypto ban mandate are the Agricultural Bank of China, the China Construction Bank, and the Postal Savings Bank.
Bitcoin Cash is trading 13.23% lower as of the time of writing.
The Bitcoin cash price prediction outlook focuses on price behaviour on the daily chart, where the descending channel holds form. The rejection of the active daily candle following events in China has resulted in a pullback move that found support at 459.72, just north of the channel’s lower border.
A breakdown of this support level puts the lower border of the channel at risk, with a breakdown allowing the bears to push towards 402.23 and potentially 371.91.
This outlook is invalidated briefly if the price bounces from the current support and breaks above the channel’s upper border. This move needs to take out 539.55 and 600.00, targeting 645.80 and potentially 663.50 as the price aims to recover the uptrend. Only a break of 728.43 sets the uptrend recovery in motion.
