BTC not being able to break 50k

BTC not being able to break 50k resistance may have more to do with China than Regulation FUD

BTC not being able to break 50k resistance may have more to do with China than Regulation FUD, says CEO of Celsius Network Alex Mashinsky.  The expected spillover effects of Lehman moment in the future are worrying investors of both BTC and Stocks as problems of China Evergrande increases.

BTC not being able to break 50k. why?

BTC has been struggling to break the resistance of 50k, but it hasn’t succeeded to do so. China Evergrande, the second-largest property developer of China, is the most indebted company in the world as it has more than 300 billion debts. According to some insiders of the industry, BTC not being able to break the $50k resistance is due to this Chinese company.

China Evergrande has lost its ratings in the property development industry and received many warnings about being the default. The US stock market and Hong Kong stock market have seen Sharp stock market selloff. Although the property developer giant is not directly related to BTC industry insider says that this could drag down bitcoin with it.

The Founder and CEO of Celsius Network, Alex Mashinsky, Said that:

BTC not being able to break 50k may have more to do with China than Regulation FUD.

BTC not being able to break 50k
Seven days price chart of BTC
Source: CoinGecko

There are rumors that the sudden dip in the market is due to the ongoing Evergrande situation in China. Yesterday, BTC has crossed the past 50-day moving average after closing above $47000 on Saturday. A choppy week is ahead, says analyst, and despite the strong support at $44k it can go as low as $41k.

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About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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