Encouragement around China’s transition to the blockchain may be replaced by disappointment, as the state-run media People’s Daily hastened to explain the situation with the statement of China’s leader. Switching to blockchain does not mean that Bitcoin is approved. China will maintain a tough stance on digital currencies, while it was one of the first countries to ban ICO and Bitcoin trading a few years ago.
The greed and fear index is at a neutral value of “53”, the BTC dominance index sank to 67.3%. The technical picture has become a little more gloomy. BTCUSD came close to the 50-day average. The ability to stay above $9000 will allow us to speak about the preservation of bullish moods, while a breakthrough of this level can open a direct way to the decline to $7500.
The FxPro Analyst Team