- Bitcoin’s popularity surges on Chinese social media despite government crackdowns.
- Analyst Ali Martinez highlights a strong support zone for Bitcoin, indicating potential for growth without significant resistance.
Despite the stringent stance of the Xi Jinping government against cryptocurrencies, the allure of Bitcoin continues to burgeon within the confines of Chinese social media.
This unexpected rise in popularity underscores a burgeoning community of cryptocurrency aficionados in mainland China, seemingly undeterred by the central government’s sweeping prohibitions on crypto-related endeavors.
Even so, this Panda Country is known to be preparing to tighten crypto regulations through a revision of the AML law in 2025, as formerly reported by ETHNews.
Surging Interest in Bitcoin on Chinese Social Media Platforms
The interest in Bitcoin has notably surged on platforms such as Weibo, where it clinched the 11th spot among the most-searched terms, and on WeChat, where its popularity soared by over 358% within a single day, according to data from Tencent Holdings’ WeChat Index.
This index, which tracks keyword momentum across various in-app activities, highlights the growing curiosity and engagement with Bitcoin among the Chinese populace.
This wave of enthusiasm comes at a time when the Chinese stock market faces persistent economic headwinds, making cryptocurrencies an increasingly attractive investment avenue for some residents.
A January report by Reuters highlighted this trend, emphasizing the pivot of some mainland investors towards the digital currency realm amidst the broader financial uncertainty. For a deeper dive into these developments, a detailed explanation is available in this Youtube video.
No Resistance Ahead
In the midst of this burgeoning interest, a tweet from renowned analyst Ali Martinez has captured significant attention. Martinez stated, “There is literally no resistance ahead of Bitcoin…”
There is literally no resistance ahead of #Bitcoin. All we see is a major support wall between $54,300 and $56,200 where 903,540 addresses bought nearly 500,000 $BTC. pic.twitter.com/ZMeVkWyS4A
— Ali (@ali_charts) February 28, 2024
This observation suggests a robust foundational support for Bitcoin’s price, indicating potential stability and growth prospects without significant barriers ahead.
This sentiment is further buoyed by Bitcoin’s recent rally, where it surged over 10% to hit a new high for 2024, reaching $64,000 on February 28. Such a rally not only reflects the growing confidence among investors but also underscores the potential for further ascents in the absence of substantial resistance levels.
Despite the heightened regulatory scrutiny and the government’s efforts to curb crypto-related activities, citing financial stability risks, China still marked its presence on the global crypto stage. According to Chainalysis, mainland China ranked 11th in its cryptocurrency adoption index among 20 major countries last year, albeit a slight dip from its 10th position in 2022.
Moreover, while mainland China’s trading volume on centralized cryptocurrency exchanges witnessed a decline, dropping to the 10th spot from the second in 2022, the country saw a significant leap in peer-to-peer trading volume.
It ascended to the 13th position from a distant 144th in 2022, highlighting a shift towards more decentralized forms of trading among Chinese crypto enthusiasts.
As the crypto landscape continues to evolve, Bitcoin’s standing at $62,636.17, marking an 8.12% increase in the last 24 hours at the time of reporting, serves as a testament to its enduring appeal and resilience in the face of regulatory challenges.