The Crypto market is trading sideways after the People's Bank of China (PBOC) announced that all crypto transactions are illegal in China. The ripple effect of this announcement will hit the Crypto market and may cause some volatility going ahead. Bitcoin has slid 10.50% in the last 30 days' period of time.
Bitcoin traded lower in the 4-hour chart, but it's still trading at the neutral zone. It's a key area for wave C, but if we see a strong rebound and recovery back to $49,000, only then bulls could be back in the game. However, traders should be mindful of a continuation downwards, within wave C, and towards the 32k-30k area.