What is the Real Support Level for a Bitcoin Rebound? ⋆ ZyCrypto
Bitcoin prices have been swaying for a while and this hasn’t helped anyone in the Crypto Space.
However, with Bitcoin prices hovering around $10,000, the big issue at hand is at what price will things start to pick up?
An Unusual Scenario at Play
The current situation on the ground has seen Bitcoin go above and below the $10,000 price level for about a whole month now.
A look at the above charts seems to show that from this year’s peak of $13,191.18 on June 27, 2019, there is not much that will happen.
We may be seeing a mild entry of the bears down to around $9,500.
This isn’t due to technical factors, but due to certain international geopolitical and trade issues.
The US Government VS. Facebook Libra
We already know about the American government’s anti-crypto stance.
The suspicious approach that the Donald Trump administration has taken towards the crypto space has created an atmosphere of uncertainty for those who would want to dip their toes in.
This became obvious during the Libra hearing sessions with US lawmakers.
And the American government isn’t backing down on cryptocurrencies as a whole anytime soon.
The US-China Trade War
The trade issues between the United States and China is also wrecking Bitcoin prices.
The Chinese who are known to be somewhat pro-crypto have been on the receiving end of the big stick tariffs which the Americans have been wielding quite effectively.
The Chinese have started to hit back by devaluing their currency using a lot of tools which the Americans don’t have at their disposal.
This will be good for cryptocurrencies as a rebound of the Chinese economic indices correlates very well with higher Bitcoin prices.
Brexit is Afoot
London is the World’s financial capital. The UK’s exit from Europe is going to be great for both the UK and Bitcoin!
Once Brexit is successful, Bitcoin prices will rebound!
But from $9,500…
So, the current market malaise is strictly emotional!
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