Bitcoin [BTC]: King Coin surpasses resistance of RMB 50,000 and 800,000 YEN as Asian shadow fades

The massive Bitcoin [BTC] Parabolic bullish swing broke the resistance and psychological levels in the same way. Since they broke the $ 5,000 mark in early April, nothing has broken the cryptocurrency push, and now the shadow of China at $ 7,300 has also been surpassed.

With a series of major moguls occurring since the April ascent, many expected Bitcoin to stop dead. The Bitfinex-Tether fiasco at the end of April was the first sign of a correction, but Bitcoin managed to stay firm and even exceeded $ 5,800 in a week.

Then came the biggest hack of the year; After QuadrigaCX, Bithumb and Cryptopia, Binance, the largest cryptocurrency market in the world was hacked for $ 40 million, resulting in an inevitable declining decline. Markets held up well, with Bitcoin yielding $ 6,000 later, followed by a rapid surge of $ 7,000, challenging the November 2018 price level and reaching its highest level in nine months.

As Bitcoin has unlocked $ 7,300 some time ago and has shown positive signs, the battle between the king's coin and the Chinese market, which has long been the crux of the cryptocurrency world, has been braved , the crypto-active reaffirming its domination.

The amount of $ 7,300 is equivalent to 50,000 Chinese yuan [RMB], which has long been a resistance level for the Bitcoin price. With the obstacle in the rearview mirror, analysts believe that control of the Chinese market on the world of cryptocurrency has been loosened.

For years, the whim of the Chinese government has been a thorn in the foot of the cryptocurrency market. When the Asian giant, in 2017, had banned trade and ICO, the Bitcoin market had dropped more than 700 USD. We saw the same thing in September 2018, when WeChat's crackdown on crypto-communication dropped the $ 7,000 mark. Interestingly, the recent pump is the first time the price of BTC has exceeded $ 7,000 since the fall in September.

In addition, the April progress occurred a day after the report of a Chinese macroeconomic policy agency stating the need to ban the extraction of cryptocurrencies because of its consumption habits. d & # 39; energy. The ban, which is still subject to public consultation and which many people claim was aimed at suppressing the source of crypto-extraction, did not stop the market and in fact preceded the biggest daily gain for Bitcoin since April 2018.

From Beijing to Tokoyo, Bitcoin has also surpassed the famous "sushi premium" of 800,000 Japanese yen. At the time of going to press, the centerpiece is trading at 819,545 Yen on Bitflyer, the largest licensed cryptocurrency exchange in Japan.

With the Chinese and Japanese resistance level of 50,000 RMB and 800,000 YEN exceeded, nothing can prevent the King's gathering?