- Bitcoin price is currently attempting to break out from the falling wedge pattern.
- The debate on crypto regulation takes a new direction as BTC adoption continues to rise.
- On-chain metrics suggest the worst may be behind the bellwether crypto.
Bitcoin price suffered two fatal corrections on September 7 and September 20. However, the buyers stepped in, giving bears a run for their money, leading to consolidation. The buyers appear to have taken control of the ship and likely aim to break out from a bullish pattern.
Bitcoin suffers but never forgets to make a comeback
Bitcoin price took a massive hit on September 20 as the news of China banning cryptocurrencies spread like wildfire. The People’s Bank of China (PBOC) posted a circular that tightened the noose around mining and cracked down on the mining gray areas.
Additionally, the note mentioned a list of illegal activities like trading cryptocurrencies. It also noted that it would implement preventive measures to identify and ban hype around digital assets.
The recent development is not the first time China has banned Bitcoin and other cryptocurrencies. In fact, there have been roughly 12 bans from the country over the past decade.
While China continues to close doors on the burgeoning ecosystem, Tesla CEO Elon Musk stated that the cryptocurrency space must be left alone during a recent interview. He added,
It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement
Unlike China, the US is embracing crypto, albeit slowly. El Salvador, the country that made BTC legal tender, is making progress on this front. President Nayib Bukele has teased Bitcoin mining using volcanic geothermal energy.
First steps…
#Bitcoin pic.twitter.com/duhHvmEnym
— Nayib Bukele (@nayibbukele) September 28, 2021
