Bitcoin starts 2022 at $47.2K as fresh research pins performance on China trader exodus

A close up of a sign Bitcoin

Bitcoin starts 2022 at $47.2K as fresh research pins performance on China trader exodus

Exchanges deplatforming Chinese citizens prior to the Dec. 31 deadline may have added to BTC selling pressure.

Bitcoin starts 2022 at $47.2K as fresh research pins performance on China trader exodus

Bitcoin (BTC) bears lost out at the last minute as 2021 came to an end — and consensus is building around China again being the reason for weakness.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

China “last hammer” could now provide optimism on BTC

Hours before the yearly close, BTC/USD dived $2,000 to lows of $45,630 on Bitstamp before a modest recovery drew a line under 2021 at $47,200, data from Cointelegraph Markets Pro and TradingView shows.

While something of an anticlimax and far below many popular projections, the lack of parabolic upside for Bitcoin has recently seen explanations shift to exchanges.

Chinese users, following years of the government tightening the screws around crypto trading, had until Dec. 31 to leave the major Chinese exchanges, which were obliged to deregister them.

For Bobby Lee, former CEO of exchange BTCC, this constitutes the “last hammer” in Beijing’s arsenal and one which could have been having a considerable impact on selling behavior.

“Maybe that’s why the hotly anticipated year end bull market hasn’t taken off yet,” he argued in a series of tweets on the matter in early December.

2022, one forecast this week said, should see a major “flippening” of Bitcoin ownership in favor of large-volume institutional traders and away from retail.

Rate article
( No ratings yet )
FORECRYPTO