Cryptocurrencies traded lower since yesterday as regulatory concerns re-emerged. Bitcoin broke the initial support 34,000 more than the initial support, down 5% in the last 24 hours. Cryptocurrency might stabilize around $30,000, which is the bottom of the one-month trading range. Growing concerns from regulators have weighed on cryptocurrency prices over the past few months. This week, China’s repression intensified when the country’s central bank issued a warning about the dangers of staple coins.

As per latest news, Bitcoin and many crypto trading agencies around the world are basically facing global repression, and it looks like there may be a new competitor to the top spot. Fan Yifi, deputy governor of the People’s Bank of China (BPOC), said on Thursday that “global sustainable institutions could pose risks and challenges to the international monetary system.” The banker also said that the central bank was already taking action against cryptocurrencies.

In Europe, many countries are proposing to create a new company to curb cryptocurrencies that can be used for money laundering. Concerns also include terrorist financing and organized crime that need to be looked at the EU level, according to documents reviewed by Reuters on Thursday.

Crypto is under pressure for a variety of reasons: government and regulatory repression of Bitcoin, environmental concerns over the mining of crypto tokens, and an appetite for highly volatile risk assets. Technology business pressures may also coexist. Trading volume has declined over the summer, making cryptocurrencies more volatile and vulnerable to sales pressure.

On the positive side of crypto, Visa announced on Wednesday that consumers around the world spent $1 billion globally on cryptocurrency crypto-linked Visa cards in the first six months of the year. The payment company also said it was partnering with 50 leading crypto platforms to launch easy-to-use card schemes to convert and spend digital currency for 70 million merchants worldwide.

BTC/USD 4 Hour Chart:

Support: 31669.9 (S1), 30610.2 (S2), 29207.8 (S3).

Resistance: 34132.0 (R1), 35534.5 (R2), 36594.2 (R3).

Meanwhile, the repression of global cryptocurrencies is turning BTC into a sales mindset and the Visa partnership is giving BTC traders confidence. We expect an intermittent trend for BTCUSD.