Bitcoin is back below $1000

The overnight selling has pushed Bitcoin back below $1000. The virtual currency was last seen trading around $995 levels.

Selling interest spiked after some of the largest exchanges in China blocked withdrawal. After the meeting with the People’s Bank of China (PBOC), Huobi and OK Coin announced customers would be blocked from withdrawing their Bitcoins.

Bitcoin Technical Levels

The immediate resistance at 1000 (5-DMA + psychological level) would expose 1044 (Feb 4 high). On the other hand, a breakdown of support at 975.10 (previous day’s low) could yield a drop to 944.25 (50-DMA).