#BTC/USD Bitcoin Price Analysis: China’s support of BTC Very bullish
China is important. It is home to the largest Bitcoin mining companies and their citizens are fast adopters. Therefore, the recent court ruling is bullish and could fast-track Bitcoin loss reversal driving prices back above $7,000 in the process strengthening market confidence. So far, BTC/USD pair is stable and down one percent in the last week as prices trade in tight trade ranges. As reported earlier, Shenzhen Court of International Arbitration has declared Bitcoin property allowing merchants as well as individuals to own and even transfer Bitcoin without conflicts with existing regulations. This is positive and the simple fact that Bitcoin has protection from the law goes on to show how BTC is quickly turning into a globally recognized asset and a store of value. From court translations, it appears as if it considers Bitcoin a property because of decentralization and the economic value behind it. This decentralization and economic benefit give users freedom. Besides, as a store of value businesses and individuals are free to use Bitcoin as a form of payments without contravening any laws. Considering how Chinese are instrumental in Bitcoin and crypto ecosystem, we expect adoption to increase in coming weeks and months as the second largest economy continue to thaw to crypto.While this news coming out of China could go a long way in steadying and even encouraging market participation, we should note that Bitcoin is generally stable. Many are attributing this to the exit of speculators keen on money minting while some are linking this drop in volatility to a bottoming market. Though speculation of a bottoming market continues to build up, we are yet to see hints as volumes continue to dry up on every low.
