Bitcoin price drops below key support at $33,000 By Investing.com

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© Reuters.

By Samuel Indyk

Investing.com – USD 33,000 fell below key support on Thursday, trading its lowest level since June 27.

After failing to make a clean break above $ 35,000 and find resistance at the 21DMA at $ 34,000, the decline has led some to demand another test of the $ 30,000 psychological level that Bitcoin has had since the mini- Did not fall below the crash on June 22nd.

The most recent pullback comes in a week as China competes against companies in the cryptocurrency sector. On Tuesday, China’s central bank forced a company to cancel its business registration and shut down its website on charges of providing crypto-related services.

China has been taking a closer look at the industry in the past few weeks as it increased its ban on mining activities, reducing the total hash rate (all of the computing power used to mine Bitcoin) on the network by around 50 % has decreased.

However, there is still little to suggest that Bitcoin will break out of its roughly $ 30,000 to $ 40,000 range that it has been trading in since the mid-May crash.

On a technical level, after trendline support fell $ 33,000, the next major level of support comes at the June 26 low of $ 30,300 ahead of the psychological level of $ 30,000. Below that, the June 22 low of USD 28,900 will be decisive.

On the flip side, the aforementioned 21DMA of around $ 34,000 has acted as resistance, as has the key psychological level of $ 35,000. The 50DMA at $ 35,900 could also act as resistance if a break above $ 35,000 is confirmed.

At 2:00 p.m. BST, Bitcoin was trading at around $ 32,600, down 6.5% over the past 24 hours.

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