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BTC continues sideway move to test previous low

Hello everyone. As I have previous mentioned in my published ideas, there are 4 bitcoin influencers as below:

1. Elon Musk who often influences bitcoin price via twitter . Price move could be up or down.

2. Chinese government is definitely against crypto, except the Digital Currency Electronic Payment (DCEP). Normally, BTC got smashed by relevant news from China. Btw, China accounts for more than 50% of the global bitcoin production.

3. US financial institutions are supporters. They have clear plans to set up fund for wealthy clients, e.g. JP, Wells Fargo. So positive for the crypto.

4. US government senior officials express concerns on BTC for money laundering issues. However, this only lead to tighter regulation, not ban of the crypto.

The recent drop is attributed to China's crackdown on the crypto mining in Sichuan Province. The local government demanded to close 26 suspicious crypto mining projects by Sunday. The electricity companies was requested to conduct inspections and stop supplying electricity accordingly.

So, I'm not keen to use leverage to trade bitcoin. There are bitcoin ETF(GBTC) out there. The sideway move works until it doesn't. I will pay close attention to previous low. Once broken, the nearest firm demand zone is around 20000.

Stay safe and trade safe! Give me a like if you're with my idea.

노트

It tumbled to test previous low and bounced back again. $30000 are really attractive for buyers.