It has been quite a few months when Bitcoin was running high and dry and tried its level best to be able to catch up with the $50K price range but failed miserably. A lot of it has to do with the strict ban imposed by China on crypto mining and its use by the locals. The resistance levels continued to drop all through July to August, and there were instances when Bitcoin claimed $50K, went above it, and then was slammed back to $45K eventually. During all this time, Bitcoin even dropped down to $40K and went on declining all the way to $30K and below.
This definitely registers as a marvellous change for Bitcoin moving ahead full might. It was about time that the cryptocurrency went bullish as many institutional investors and traders had their eyes jacked on the performance metrics for Bitcoin for far too long. September 7 is the day when El Salvador finally adopted the flagship cryptocurrency as a legal tender, and it is the same day when this hide and seek for Bitcoin started. There is a popular index used by investors to measure the current performance of Bitcoin within the crypto market and the sentiment that follows it; it is known as the crypto fear and greed index.
China’s Role In Pushing Bitcoin’s Price Below $50k
At present, this index strongly flashes greed among the investors as they will try their best to liquidate some of their Bitcoin-oriented assets to gain profit, and when the market takes a dip, they are going to invest heavily again into Bitcoin. Bitcoin was a few dollars short, reaching the $50K price mark, and the bulls stepped in and pushed the price of Bitcoin a little higher, making it cross $50K while following various rejections. The global economy was jolted back in late September due to China’s property market affecting all sorts of markets. China has been a keyword in all of this as it comes up time and again, just flashing out of nowhere depicting a very personal vendetta against the flagship cryptocurrency, or it might just be the Chinese regulators doing a pretty good job keeping Bitcoin at bay.