Bitcoin (BTC) Reacting from $9,500, Will Hangzhou Internet Court Ruling Trigger Demand?

2019-7-25 20:00

Bitcoin (BTC) steady below $10,000 Hangzhou Internet Court recognizes Bitcoin as property

China may be restrictive, but Chinese miners plays a vital role in the Bitcoin ecosystem. Therefore, despite the People’s Bank of China stance, the ruling from Hangzhou Internet Court is bullish. Currently, BTC is up 3.8 percent week-to-date.

Bitcoin Price Analysis Fundamentals

Chinese policies are against the proliferation of digital currencies. Nonetheless, that is not to say the country is not instrumental in the thriving Bitcoin economy. Several studies show that over 60 percent of Bitcoin’s hash power is from the strict nation.

Although Bitcoin is global, with its main value proposition being security over performance as throughput attests, BTC related news from China tends to affect market sentiment and price. Case in point is the decision by the Hangzhou Internet Court, recognizing Bitcoin and classifying the world’s most valuable digital asset as a property.

Commentators say this is a significant milestone. In particular, Dovey Wan, the founding partner of Primitive, said that was a watershed moment for Bitcoin. Positive as it may sound, the decision is not an express regulatory thaw. That is so because the officials from the People’s Bank of China (PBoC) are adamant that Bitcoin is not fiat money.

Candlestick Arrangement

Supportive as it is, the Hangzhou Internet Court decision was not enough to prop Bitcoin prices. In a negative trajectory, even after the announcement, sellers are firmly in control. Therefore, unless otherwise there are sharp gains lifting prices above $11,200, every high is technically a liquidation opportunity for savvy traders.

Note that prices are oscillating and held within the July 16 bear candlestick. The bar, confirming sellers of July 14, is therefore significant in this trade plan. Not only does it point to bears but from an effort versus result point of view, its low is a critical support level.

As such, as per previous assertions, any dip below $9,500 could spur a selloff towards $7,500. Technically, that would confirm sellers of late June 2019. In that case, the first bear target will be $7,500. If sellers are persistent, then the second feasible target will be at $5,500.

Technical Indicators

Visibly, BTC/USD price action is ranging. Bullish above $9,500, BTC must find support at this reaction point. Marking a trend shift ought to be a spike in participation, with trading volumes exceeding 82k of June 26.

If the break out bar is distinct with high participation exceeding 82k, then BTC would likely drop to $7,500 as aforementioned. If not, and there is support at $9,500, with equally high trading volumes, BTC will probably snap back and rally to $11,200 in a trend continuation phase.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

The post Bitcoin (BTC) Reacting from $9,500, Will Hangzhou Internet Court Ruling Trigger Demand? appeared first on NewsBTC.

origin »

Bitcoin (BTC) на Currencies.ru

$ 94717.8 (+0.03%)
Объем 24H $20.351b
Изменеия 24h: 0.38 %, 7d: -3.81 %
Cегодня L: $93779.09 - H: $95172.76
Капитализация $1876.291b Rank 1
Цена в час новости $ 9458.57 (901.4%)

bitcoin btc internet court hangzhou ruling china

bitcoin btc → Результатов: 126


MicroStrategy Strikes Again: $100 Million Bitcoin Purchase Signals Strong Market Confidence

MicroStrategy, the major enterprise software company that has evolved into a Bitcoin (BTC) investment platform, has captured attention once again with its latest purchase of $101 million in BTC. The company, led by chairman and co-founder Michael Saylor, has committed to utilizing perpetual preferred stock, common shares, and debt to fuel its ongoing Bitcoin purchasing strategy.

2025-1-7 06:00


Фото:

El Salvador now holds 6,000 BTC: can Bitcoin success story sustain?

El Salvador, the pioneering nation that made Bitcoin legal tender in 2021, has surpassed 6,000 BTC in its treasury, valued at $561.3 million as of the latest update. This milestone represents not only a strategic accumulation effort but also a bold economic experiment under President Nayib Bukele’s leadership. With a 105% unrealised return on its […]

2024-12-30 09:51


Фото:

El Salvador rings in Christmas 2024 with a Bitcoin twist

El Salvador continues to showcase its unwavering commitment to Bitcoin, doubling down on its cryptocurrency strategy despite stringent restrictions imposed by the International Monetary Fund (IMF). On 19 December 2024, the country purchased an additional 11 Bitcoin (BTC), valued at over $1 million, pushing its total reserves to nearly 6,000 BTC. This comes on the […]

2024-12-24 17:26


Фото:

Bitcoin Rally Set To Extend? Expert Foresees A $110,000 Price Target For BTC

The general cryptocurrency community is brewing with excitement and optimism following Bitcoin’s rally to a new all-time high on Monday. Despite the significant price growth, there are speculations that the uptrend may not be ending anytime soon, suggesting BTC’s potential for more increases to higher levels or milestones. Next Big Milestone For Bitcoin On The […]

2024-12-17 17:30


3 tokens on track for new all-time highs like Tron (TRX) and Bitcoin (BTC)

The crypto market has witnessed a number of tokens rallying toward new all-time highs (ATHs), including notable players like Bitcoin (BTC) and Tron (TRX). Despite some setbacks, such as the US government transferring nearly $2 billion worth of Bitcoin, BTC has remained resilient, triggering a massive impulsive move that saw it reach an ATH of […] The post 3 tokens on track for new all-time highs like Tron (TRX) and Bitcoin (BTC) appeared first on CoinJournal.

2024-12-15 21:58