You will probably hate on me for this theory.
Why did China come out supporting Bitcoin?
Simple.
They learned they can actually control it.
The recent "blackout" in mining province was a test on how much they can pull off.
With success they caused 40% drop in hashrate and drop in price.
So they might have even bought some at this point.
1) They own some
2) They know they can control it
China's support is actually a really bad sign.
Why am I wrong?
why is a bad sign in my opinion it's pretty good, if they control the price and mining of bitcoin I also don't care because there are still many other options such as being afraid of dumping frequently seeing the latest news so that I can anticipate selling balances for saving fiat