Wed. Jun 3rd, 2020

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Bitcoin Above $9.5K In Relief Rally Following Weeks Of Halving Pressure

2 min read

Bitcoin has in the last 24 hours turned green. The digital asset has in the last couple of hours rallied by over 8% which see it climb above $9,700.

This after a disappointing week in terms of prices. Earlier in the week, Bitcoin underwent its third halving. This was a major event that was touted as a bullish one.

Surprisingly, as everyone was looking at the $10K position going into the halving, the digital asset crashed below $9K. This, as CryptoMute reported, saw over $1B liquidated in less than 24 hours.

Through the halving Bitcoin was trading around the $8,700 region and sideways.

Bitcoin is now enjoying a relief rally and investors enjoying some post halving gains. This will help assure investors that Bitcoin was not clinging on to the halving in its recent weeks’ rise.

There has been concern that post halving, there would be a great dump and there seemed to be some confirmation of these as Bitcoin experienced a wide sell-off going into the halving.

Of course, the current rally could simply be a bull trap. A concern of this being a rally manipulated by whales who imminently dump to lower lows will remain until Bitcoin breaks above strong resistance. Currently, this is the $9,500 position.

What Next For Bitcoin?

With the halving over, investors are more than keen to identify the next bullish trigger.

This seems to be the government response of COVID-19 outbreak. The response by governments of this pandemic has proven that world financial systems are flawed and manipulated.

Starting with the world monetary reserve. the U.S Dollar, this keeps being printed out endlessly by the U.S government.

Despite having printed over $6 Trillion in the last few weeks, the Democratic party is looking for an additional $3 Trillion. This is set to be tabled in the House on Friday.

Additionally, President Donald Trump has threatened that the U.S should impose negative interest rates.

This is set to encourage banks to loan out excess cash and yet another way for the government to print more money.

Investors now turn to the $9.5K resistance.

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Cryptomute | 2020