China plans to launch an international payment network with

China’s state-owned blockchain platform Blockchain Service Network plans to test integration with foreign central banks’ digital currencies.

BSN plans to build a universal payment network (UDPN) by connecting CBDCs of several countries. BSN’s roadmap is to launch the beta version of the network in the Bitcoin Loophole second half of 2021 and complete the project by 2025, according to Cointelegraph.com.

UDPN is supposed to provide a standardised method for digital currency transfers between different central banks. The system will integrate payments across various industries, including insurance, resource planning, banking and even mobile applications.

This project further demonstrates how serious China is about CBDC. And UDPN is not the only area of development for BSN. If the roadmap is to be believed, the government plans to further develop the ecosystem, expand applications in the private sector and scale up the BSN network.

As for China’s CBDC, the cryptojuan, its proliferation is gradually gaining momentum. Recently, the state bank launched the first ATMs to convert cash fiat to digital currency and vice versa.

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Bitcoin drops but manages to stay above $ 30,000

Bitcoin has created a bearish candlestick pattern.

BTC is probably moving within a descending triangle.

There is resistance at $ 32,800.

After hitting a new all-time high on January 3, Bitcoin (BTC) fell the next day, creating two bearish daily candlesticks in a row.

Bitcoin Code reviews is expected to descend below its near-term figure and decline towards the support areas shown below.

Bitcoin rally runs out of steam

After hitting a record high of $ 34,789 on January 3, BTC price stagnated the next day, falling to a low of $ 28,130. That said, it did manage to create a long top wick (indicated by a green arrow below) before closing at $ 31,988.

While the top wick is a bullish sign, the candlestick is not. So far, BTC has created two bearish candlesticks: a shooting star on January 3, and a hangman figure on January 4. These are two patterns normally seen as signs of a bearish reversal.

Despite the bearish candlesticks, technical indicators do not yet confirm the bearish reversal. The MACD generated a lower volume bar in today’s data but has yet to hit a close. Additionally, the Stochastic Oscillator has yet to form a bearish cross, and the RSI has also not moved below 70.

If a downward move occurs, the three closest support levels would be at $ 25,230, $ 22,290 and $ 19,340 (fibonacci retracement levels 0.382, 0.5 and 0.618). In addition to matching fibonacci levels, the areas at $ 22,290 and $ 19,340 also provide horizontal support.

The two hour chart also provides a somewhat bearish outlook

First of all, we can see that BTC is possibly moving within a descending triangle, which is considered a bullish reversal pattern.

Next, BTC appears to have passed that pattern overnight on January 4, but suffered a rejection from resistance at $ 32,800 (red arrow). The previous advance would therefore have been only a deviation.

So as long as BTC fails to break through and then regain minor resistance at $ 32,800, the trend is considered to be down and expected to descend.

A decline that would cross the entire height of the figure would bring the BTC down to $ 25,240, close to the Fibonacci level 0.382 in the previous section.

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