Hopes for a recovery grew earlier this month as bitcoin briefly moved above the $40,000 mark–a psychologically important level for many traders.
Beijing had already ordered the closure of digital mining facilities in Xinjiang and Inner Mongolia, citing pollution from the coal-burning powerplants that provide electricity for miners based in those provinces.
The cryptocurrency’s price appears to be interacting with the 144-day exponential moving average on the 3-day chart–which currently sits at about $30,000–having found support at the level three times in recent weeks.
However, opinions are divided on the likelihood of that scenario.
I am an aviation journalist turned crypto reporter whose work has appeared in The Guardian, The Economist, The New York Times, Flightglobal, African Business, Al Arabiya & New Eastern Europe.