Bitcoin, Chinese banks support the price. What predictions?

Market sentiment was mixed at the start of the week, with US index futures rising slightly after declines on Friday.
Furthermore, the trend of the European session is uncertain in the wake of the latest news from China.
What impact from Bitcoin? In this article, in collaboration with XTB experts, we will investigate the future prospects of BTC.
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Check out XTB's offer The dollar index fell 0.2% today, potentially allowing Bitcoin to catch its breath, but this time it's not global sentiment that's at the 'root' of the bitcoin price rebound Bitcoin.
BTC seems to gain this time on concerns about China's regional banks, especially the Bank of Cangzhou.
Are Chinese Banks Helping Bitcoin? On October 30, the Hong Kong court will hold a hearing on Evergrande's liquidation; a petition has been filed by foreign creditors of the bankrupt giant – the market sees this as a real risk of closing the case – with negative implications for markets and banks.
There has been speculation of significant capital flight from the Bank of Cangzhou after unconfirmed information circulated online about several hundred million dollars in unpaid loans from Evergrande to the bank – depositors spooked by a 'liquidity hole'.
Chinese services are investigating the dissemination of this information, which turned out to be untrue – the bank reported that in reality the loan is ten times smaller and its business is healthy.
China wants to ease concerns about bank stability.
On October 11, the State Council issued guidelines to help municipal commercial banks and local financial institutions get rid of toxic assets and loans and replenish their capital through available methods.
Bitcoin analysis, what predictions? An analysis by Bloomberg Intelligence highlights how the $30,000 level is crucial for Bitcoin, but increasingly tight liquidity conditions and recession risks indicate that dangers prevail and declines could reach $10,000.
Meanwhile, the leading cryptocurrency appears to be reacting not so much 'on market sentiment', but on the prospect of systemic risk from China's regional banks, whose exposure to the troubled real estate sector could be worrying and access to cash limited .
Since Bitcoin is considered a decentralized asset – its transfer does not require the participation of banks and third parties – it could potentially react with increases to increased uncertainty in the banking sector.
We saw a similar situation in the spring, when banks collapsed in the United States, although today in China it is still uncertain whether the situation of Evergrande and the entire real estate market will end with the collapse of one of the major lenders.
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Invest in Crypto CFDs Now Bloomberg Intelligence analysis points to the $30,000 level as a key level for Bitcoin, but increasingly tight liquidity conditions and the risk of recession mean the risk of Bitcoin falling to $10,000 dollars persists.
At the same time, on October 12, analysts estimated the probability of acceptance of the Bitcoin ETF in 2023 as high as 90%, which could also help investor sentiment.
Looking at the price and the chart, we can see that the rally of the Bitcoin stopped at a key support level, marked by the SMA200 (red line) and the 23.6% Fibonacci retracement of the bullish wave from the fall of 2022.
The wick of the bullish candle is lengthening, signaling the supply strength at the $28,000 level – however, if the price breaks above this zone, the nearest significant resistance will be only $30,000.
In a bearish scenario, the key level is still $24,500 – $25,500, where the 'oversold levels' of June and the level set by the local highs of February and March 2023 are located.
More and more miners (over 50%) they use 'sustainable' energy sources to mine Bitcoin, potentially making BTC itself an asset less and less burdened by ESG negativity.
In 2019, the percentage was only about 35%.
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