The Bitcoin course awaits the outbreak – there is much to suggest that the journey to the north will continue. If the Bitcoin exchange rate succeeds in freeing itself from the channel between 9,000 and 10,000 US dollars, growth of 30 to 40 percent can be expected.
The Bitcoin exchange rate is about to break out of the corridor between 9,000 and 10,000 US dollars. Meanwhile, China is accelerating in the global blockchain race.
On the four-hour chart, BTC is forming a horizontal triangle in the $9,000 to $10,000 range. We can also see a significant drop in volume, suggesting that Bitcoin is preparing for the next big step. If this becomes a locomotive moment, it is likely that the price will rise by 30 to 40 percent.
Although Bitcoin currently shows a bullish tendency, it still lacks the momentum for a massive breakout. BTC still relies heavily on the support of the 200-day moving average. Another special feature of the chart can be seen in the CME futures. Here there is a gap between USD 8,900 and USD 9,000. In order to close this gap, Bitcoin’s price would have to fall by about 6 percent compared to the current price.
But that’s not all. There are talks about the Chinese issuing their own digital currency. Blockchain technology is supposed to help streamline government services.
China’s blockchain race
After the announcement by Chinese President Xi Jinping last month and the adoption of a new law on crypto technology by the Chinese Congress, it seems that the country has entered a race for the superiority of blockchain technology. They are planning further changes and adjustments to the regulations to promote technological innovation. This will require significant time, money investment and infrastructure changes to be successful. An important starting point is that other world powers will have to catch up in the development and implementation of blockchain if they want to compete in the new technology landscape.