The first week of June has brought significant shifts in the crypto market. With China imposing a full-scale ban on crypto activities, Bitcoin showing signs of a downturn, and coins like BNB, $PORTAL, and $POL flashing technical strength — it's a crucial time for investors. Here's a comprehensive market update:
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🛑 China’s Full Crypto Ban – A Global Shock
On May 31, China officially announced a complete ban on all crypto-related activities including trading, mining, and even holding crypto assets. The move is aimed at promoting their state-backed digital currency (CBDC), the digital yuan. The immediate reaction in the global market was bearish, with major assets pulling back.
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📉 Bitcoin (BTC) – Bearish Divergence Warning
Bitcoin is currently trading around
$BTC $105,000, but technical charts are showing signs of bearish divergence. If BTC drops below $102,000, the next support lies near $98,000. Traders should proceed with caution and monitor RSI closely.
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🚀 Binance Coin (BNB) – Eyes on $1,000
BNB is showing resilience amid market volatility. Currently trading at 721, a confirmed breakout above $750 could push it toward $820 in the short term, with long-term targets around $1,000. Among major coins, BNB looks technically bullish.
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💡 $PORTAL and $POL – Small Caps, Big Signals
$PORTAL recently formed a bullish engulfing pattern, moving from $0.0470 to $0.0493. A breakout above $0.0505 could open the path to $0.0525.
$POL is consolidating in the $0.2118–$0.2180 range. A daily close above $0.2155 could signal the beginning of a fresh uptrend.
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📊 Conclusion
While China's crypto ban has injected fear into the market, certain altcoins are still holding strong and may offer short- to mid-term opportunities. BNB, $PORTAL, and $POL are worth watching for potential bullish moves. Investors are advised to stay informed and follow strong risk management strategies.
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