Cryptocurrency

Bitcoin aims to be back on 10,000 dollars – manage the BTC-cops this time, the reversal of the trend? – Coin Update

Indicator – Bitcoin has jumped midday on Thursday, Trading over $9,500.The gains stopped for today, Friday, as tensions between the US and China escalated further.Beijing continues its plans to impose a new national security law in Hong Kong, which has prompted President Donald Trump on Friday hold a press conference. A new wave of buying mood, driving the Bitcoin price for the first Time in more than a week, about $ 9,500. The Benchmark crypto-currency before the New York opening bell on Thursday 9.625 $. The upward trend appeared to parallel the early-morning Win in the Top indices of Wall Street. The benchmark index, the S&P 500, for example, rose on the back of optimism about the declining Lockdown measures in the United States for 3.29 per cent. SPX closed on Thursday after a selloff in the last hour of 0.21 percent low | source: TradingView.com Nevertheless, the Index wiped out gains in the final Trading hour, after President Donald Trump had announced on Friday a press conference on China. The statement went online, after Beijing had approved the proposal for the introduction of a new national security law in Hong Kong. But Bitcoin made the news completely cold. The crypto currency has moved since March 2020, almost parallel to the S&P 500, kept the winnings in the $ 9,500 – a crucial support level.

Re-Test of $ 10,000

The recent upward movement of Bitcoin makes it more likely to test $ 10,000 as the next upside target once again. BTCUSD keeps the price lower limit at 9500 $ | source: Tradingview.com The crypto-currency gave a price limit of about 9.500 $ after the share had fallen – which confirms a short-term interruption of their correlation. The escalating rift between the U.S. and China has dampened risk sentiment and the demand for safe havens increased. This time Bitcoin has risen in addition to Gold in times of macroeconomic and geopolitical uncertainty is considered to be Top-of-the Hedging Asset. Investors expected negative long-term consequences of a bad relationship between the United States and China. The mood prompted them to seek safety in supposedly safe harbors. Of both cryptography as well as the yellow metal benefited. Depending on what Trump in his press conference on Friday says, remain both Bitcoin as well as Gold in a field of tension of the bias. In particular, on the Bitcoin market traders could secure at the recent rally gains. This, in turn, could lead to the crypto-currency falls under 9.500$. Trump should decide, in the meantime, his proposal to repeal the special status of Hong Kong to promote or to impose worse sanctions against China – then this could be the Bitcoin-cops on this on the weekend again $ 10,000 to to strive.

Downside risks for Bitcoin

Even a movement in the direction of $ 10,000, would prevent Bitcoin-cops, the rally to further extend, at least, her recent behavior places this level around the close. Trader sell the said tip furthermore, what also coincides with a 2.5-year-old descending trend line (the red line) together. Since the 6. May you have made a total of eight Attempts to bring the bull trend is over 10,000 dollars – but failed each Time. One of the decline of setbacks brought the Bitcoin price in the direction of 8,700 $. Nevertheless, trade Bitcoin continues to be in a Zone with prejudice and conflicts. If it breaks above $ 10,000, then a recovery in the direction of 11.500 $ seems to be available. Otherwise, a re-increase to 8,700 $ and a further collapse in the direction of 8.000 $ more likely. – Display

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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