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‘Tightening the noose’: Bitcoin falls on back of China’s crypto warning – Sydney Morning Herald
Bitcoin and other major cryptocurrencies slumped after the People’s Bank of China reiterated that the digital tokens cannot be used as a form of payment.
Many chartists and technical analysts are looking at Bitcoins 14-day Relative Strength Index (RSI), which entered oversold levels Tuesday. In addition, an acceleration in its selloff could mean the coin approaches its next support around $US40,000. A fall to that level would mark the first time since September that bitcoin would test its average price over the past 200 days. And breaching it could mean it drops to $US30,000, where its previously found support.
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