Bitcoin (BTC) Reacting from $9,500, Will Hangzhou Internet Court Ruling Trigger Demand?

Dalmas Ngetich

Last Updated: June 11, 2024 3:49 pm

2 mins read

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Bitcoin (BTC) steady below $10,000
Hangzhou Internet Court recognizes Bitcoin as property

China may be restrictive, but Chinese miners plays a vital role in the Bitcoin ecosystem. Therefore, despite the People’s Bank of China stance, the ruling from Hangzhou Internet Court is bullish. Currently, BTC is up 3.8 percent week-to-date.

Bitcoin Price Analysis

Fundamentals

Chinese policies are against the proliferation of digital currencies. Nonetheless, that is not to say the country is not instrumental in the thriving Bitcoin economy. Several studies show that over 60 percent of Bitcoin’s hash power is from the strict nation.

Although Bitcoin is global, with its main value proposition being security over performance as throughput attests, BTC related news from China tends to affect market sentiment and price. Case in point is the decision by the Hangzhou Internet Court, recognizing Bitcoin and classifying the world’s most valuable digital asset as a property.

Commentators say this is a significant milestone. In particular, Dovey Wan, the founding partner of Primitive, said that was a watershed moment for Bitcoin. Positive as it may sound, the decision is not an express regulatory thaw. That is so because the officials from the People’s Bank of China (PBoC) are adamant that Bitcoin is not fiat money.

Candlestick Arrangement

Supportive as it is, the Hangzhou Internet Court decision was not enough to prop Bitcoin prices. In a negative trajectory, even after the announcement, sellers are firmly in control. Therefore, unless otherwise there are sharp gains lifting prices above $11,200, every high is technically a liquidation opportunity for savvy traders.

Note that prices are oscillating and held within the July 16 bear candlestick. The bar, confirming sellers of July 14, is therefore significant in this trade plan. Not only does it point to bears but from an effort versus result point of view, its low is a critical support level.

As such, as per previous assertions, any dip below $9,500 could spur a selloff towards $7,500. Technically, that would confirm sellers of late June 2019. In that case, the first bear target will be $7,500. If sellers are persistent, then the second feasible target will be at $5,500.

Technical Indicators

Visibly, BTC/USD price action is ranging. Bullish above $9,500, BTC must find support at this reaction point. Marking a trend shift ought to be a spike in participation, with trading volumes exceeding 82k of June 26.

If the break out bar is distinct with high participation exceeding 82k, then BTC would likely drop to $7,500 as aforementioned. If not, and there is support at $9,500, with equally high trading volumes, BTC will probably snap back and rally to $11,200 in a trend continuation phase.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.