The decline in the cryptocurrency market continues today. Yesterday was a really bearish day, with all cryptos losing considerable value once again – Bitcoin lost around $5,000, slipping down to $31,000.

That’s a big level for Bitcoin, which has held as support a couple of times. We saw a bounce overnight, but it was a dead cat bounce, as sellers returned again pretty fast, following the increased crackdown in China. The People’s Bank of China (PBOC) had a meeting with state-owned lenders, the Industrial and Commercial Bank of China (ICBC), the Agricultural Bank of China (AgBank), the Postal Savings Bank of China, and other online payment companies, regarding the implementation the State Council’s crypto ban. They requested that payment services companies and banks should invest in advanced monitoring systems to provide more efficiency in identifying crypto-related transactions, and to implement a process by which they can get to know their clients better. This is an effort to further amplify the detection of illegal transactions using cryptocurrency.

Bitcoin Live Chart

The decline resumed  again today and the support zone around $31,000 was broken. Now the price is headed for the next major support zone surrounding the $30,000 level, and it seems like this time BITCOIN might fall into the 20,000s, which would be the first time since early January.

Update: the $30,000 support zone has just been broken, with the price falling below it, so the route in cryptos continues. Now, $20,000 is the next major level for Bitcoin and I think that this level might be the reversing area for Bitcoin.