Bitcoin has been able to continue the upward momentum of recent days and is now approaching the important resistance value of $ 11,000, price which BTC has experienced the rapid rejection that has brought to $ 9,100.
Some believe that the recent US tariffs on China may have triggered this recovery of the BTC while most "safe assets" soar.
Bears and bulls fight, Bitcoin climbs to $ 11,000
At the time of writing, Bitcoin is trading at close to 2% at its current price of $ 10,770, well above its daily minimum of $ 10,400.
This price increase marks the continuation of the upward momentum that Bitcoin experienced last weekend. While its price dropped sharply to $ 9,100, it quickly recovered and began an upward trend that brought crypto-dad back to its current price level.
Importantly, a few weeks ago, the BTC soared to $ 11,000, before facing a selloff that triggered a downward trend of a week. It is unclear whether this price level will still have insurmountable selling pressure or not. Popular cryptanalyst Josh Rager said on Twitter about Bitcoin's short-term resistance and said $ 10,800 was a short-term resistance level.
Weekly Chart $ BTC: Bitcoin price is currently testing the resistance level $ 10,833: Not only should the price go down, but I would like to see the price above at the weekly close in less than 48 hours. The support must remain above the previous resistance at $ 10,590. Closing more than $ 10,833 is bullish, he said.
Have US tariffs triggered the recent recovery?
Last week, it was announced that the United States would impose additional tariffs on imports from China, which immediately led to a massive sell-off in global stock markets. It is important to note that many safe haven assets have increased since the announcement of these tariffs – and this could reinforce Bitcoin's speech as "Gold 2.0".
$ BTC, along with several safe haven assets, recovered after the recent Trump hike. Will the trade war continue to be a catalyst for # Bitcoin price growth, said Binance Research in a recent tweet, pointing to the graph below.
$ BTC has rallied 📈 with several safe haven assets after Trump's latest tariff storm.
– Binance Research (@BinanceResearch) August 2, 2019
As the global economy continues to experience instability, it is likely that analysts will soon understand better the impact of this instability on BTC.
Proof of text: newsbtc