China’s clampdown on cryptocurrency mining in the key province of Sichuan piled on further selling pressure on the global cryptocurrency market.
BTC’s 19th May swing low of $30,000 was the last major support zone and an argument can be made in the favor of a sharper retracement if the defensive line is not maintained.
Although the visible range did not show a lot of interest for BTC at this price, buying demand heavily out-favored selling interest.
On the plus side, all the above indicators did gradually reset after BTC’s initial plummet on 19th May.
It has been over a month since the crypto-crash but there still have not been any clear signs of a recovery.
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