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China FUD Piles Up, Hash Rate Exodus, And Miners Selling

Jun 21, 2021 · 3 min read

By Jeremy Ong, and Ashwath Balakrishnan

Market Update

China continues to pile up FUD by re-iterating that banks should not engage in business with Crypto OTC traders. Miners turned into net sellers after weeks of accumulation (most likely attributable to Chinese miners). Hashrate concentration in the largest pools continues to drop, but hash rate decentralization improves with smaller pools increasing their share.

BTC To Retest Neckline Support

With China’s move against Bitcoin and a bloody start to the week, it looks like BTC is on the path to retest a key level at $30,540. This level is very important for a few reasons mentioned in one of our market commentary reports. This level represents the head and shoulders neckline support, Tesla’s buy price, and BTC’s yearly open. Successfully defending this level would likely signal range-bound behavior between $30,000 and $40,000, and opens the door to an upside move. However, failure to hold could spell more pain in the near term.

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