Extended declines will be stopped at $6,600 – $6,500; the 61.8% Fibo will also hold ground at $6,400. The report shows that the Chinese Yuan currency is utilized in less than 1% of all crypto-trades. Bitcoin price has been limited below the resistance at $6,800 since the decline that had it drop from trading above $7,000 in June. The Bulls have managed to recoil the price from changing hands below $6,600, but they lack enough momentum for further upside corrections back above $7,000 (critical resistance zone). At the moment, BTC/USD is battling to consolidate above $6,700, although it is still limited at the narrow end of the rising wedge pattern. If the buyers can gather momentum to push for higher corrections past the short-term resistance at $6,800, BTC/USD could gain momentum towards the coveted $7,000. In the meantime, a support above $6,700 is good enough. The 100 SMA on the 1-hour chart is still positioned to offer support above $6,600. Extended declines will be stopped at $6,600 – $6,500. Furthermore, the 61.8% Fibo will also hold ground at $6,400. In the latest report published by Chinese state media, the Central Bank of China is very contended with the current status of cryptocurrency ban in the country. The report shows that the Chinese Yuan currency is utilized in less than 1% of all crypto-trades. China banned the trading of cryptocurrencies along with Initial Coin Offering in September 2017. The crackdown on virtual currency activities has continued since then. An industry analyst at the Zhongchao Credit Card Industry Development Company, Zhang Yifeng commented on the new data from the central bank saying: “The timely moves by regulators have effectively fended off the impact of sharp ups and downs in virtual currency prices and led the global regulatory trend,” Guo Dazhi, a research director at Zhongguancun Internet Finance Institute also commented on the effect of the ban on cryptocurrencies. He said: “This indicates that the policy has been very successful. It is within expectations that the yuan’s share in global Bitcoin transactions would drop after China announced the ban.” Read more on Bitcoin price analysis BTC/USD 1-hour chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next UK Foreign Secretary Johnson is reportedly considering resignation FX Street 4 years Extended declines will be stopped at $6,600 - $6,500; the 61.8% Fibo will also hold ground at $6,400. The report shows that the Chinese Yuan currency is utilized in less than 1% of all crypto-trades. Bitcoin price has been limited below the resistance at $6,800 since the decline that had it drop from trading above $7,000 in June. The Bulls have managed to recoil the price from changing hands below $6,600, but they lack enough momentum for further upside corrections back above $7,000 (critical resistance zone). At the moment, BTC/USD is battling to consolidate above $6,700, although it is still… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.