Bears retreat, but Bitcoin price remains below $35,000

Despite the strength shown by the bulls in the early trading sessions, Bitcoin ( BTC ) price remained capped below the $35,000 resistance level and was unable to flip the 20-day moving average as support or secure a daily close above it.

Data from Cointelegraph Markets Pro and TradingView shows that since rebounding to $35,400 on June 28, Bitcoin has traded in a range of $33,850 to $35,000 as the impact of China’s crackdown on Bitcoin mining continues to reverberate across the market.

In addition to disrupting the Bitcoin mining ecosystem, the Chinese government has also put pressure on local cryptocurrency exchanges, resulting in the closure of BTCChina. China has also effectively banned Huobi exchange users from trading crypto derivatives.