\r\n\r\nThe price of bitcoin continues on a downward spiral. After China announced a crackdown on cryptocurrency-related businesses in the country, the price of the leading cryptocurrency slumped to a six month low.\r\n\r\nLater last week, the price of bitcoin slumped down to a six month low when it traded below $7,000. The price of the leading cryptocurrency failed to show any recovery as it continued to drop. At the time of writing, bitcoin is changing hands at just below $6,600.\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\nAnalysts eye $6,000 as the next target for bitcoin.\r\n\r\nSeveral analysts have predicted that the price of bitcoin might fall to $6,000 before gaining any positive momentum. It is likely that if bitcoin fails to hold support at $6,000, the price will continue to follow a downtrend. In the past week, the market cap of bitcoin has come down to $120 billion, with a loss of $33 billion.\r\n\r\nIs China to blame for this?\r\n\r\nThe crash in the price of the leading cryptocurrency coincided with the People’s Bank of China’s announcement to crack down on cryptocurrency-related businesses. Earlier, Chinese President endorsed blockchain technology, which resulted in a positive rally for the price of bitcoin. But the central bank of China has warned investors not to confuse blockchain technology with virtual currencies.\r\n\r\nThe prominent economist and crypto analyst/trader Alex Krüger tweeted that bitcoin is not affected by macro variables.\r\nRemember how the Fed “printing money” was supposed to make bitcoin prices explode higher?\r\nQuantitative easing is rocket fuel!\r\nFantastic narrative.\r\n$BTC is down 30% since the Fed started expanding its balance sheet in August. Big facts.