Bitcoin and Ethereum Price Forecast – China Jitters Build

Bitcoin under pressure as the markets face more negative news, with gains from earlier in the day beginning to reverse, as attempts to stop the rot stall.

The current gains are certainly far from convincing however, the 4.68% rise to $3,377.31 leaving Bitcoin’s value well below this year’s highs, as concerns over the decision by the Chinese government to ban ICOs linger, as the markets grapple with the uncertainty over whether other governments will follow and what impact China’s ban will have on the market as a whole.

Bitcoin is yet to hit crisis time, but should the decline continue over the near-term, claims of a bubble will begin to do its rounds and with greater justification, the latest slide certainly not small by any stretch of the imagination and should panic set in, it’s going to be hard to stop.

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At the time of writing, Bitcoin fans may have responded to JPMorgan CEO Jamie Dimon’s claims of Bitcoin being a fraud, but it’s going to do little to revive the Bitcoin rally as more negative news hits the wires.

Bitcoin Prices Get Hit By More China Rumours

The rumor mill is working wonders at the time of writing, with traders having to consider rumors that the PBoC will be looking to suspend trading on Chinese Bitcoin exchanges.

Bitcoin prices on every major Chinese exchange have slumped to sub-$3,000 levels on the noise of a possible suspension in trading as investors look to get out of what could be a tailspin going into the weekend.

Ethereum prices continued to move lower over the last 24 hours and investors will be looking to see where the next support levels will be as negative news continues to hit the cryptoworld this week.

At the time of writing, Ethereum is down 11.73% at $237.17, slightly above its intraday low $222.28, with investors continuing to face the first real test as regulators look to take control of what had almost become a runaway train.

Forecast

Direction through the remainder of the day will be hinged on news out of China and whether the PBoC announces a ban on Bitcoin trading on Chinese exchanges. With so much at stake, now is certainly not the time to be looking to take on new positions and holders of Bitcoin and other cryptocurrencies will certainly have their resolve tested through the day.

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