Fundamental Development:-
China warns Bitcoin is heading to zero but BoE looks on the bright side
The Chinese government has capitalized on the violent downturn in the crypto market by warning crypto investors that Bitcoin prices are “heading to zero.” The South China Morning Post reported on June 22 that Chinese national news media agency Economic Daily had issued the warning about the largest cryptocurrency by market cap to further dissuade citizens from adopting the use of crypto. The Economic Daily report says the west is to blame for creating a highly-leveraged market that is “full of manipulation and pseudo-technology concepts” which it said was an “important external factor” which contributes to Bitcoin’s volatility..
Short Term Technical View:-
Bitcoin is trading below 200& 50 simple moving average. The price is now above the $20,000 level. Bitcoin price failed to gain pace above $21,500 and corrected gains. However, the bulls were active above the $20,000 and $19,300 support levels. An immediate resistance on the upside is near the $21,550 level..
Alternative Scenario: If Bitcoin fails to clear the $21,550 resistance zone, it could start another decline. An immediate support on the downside is near the $19,level.