BTC Breaks Its Strong $10,000 Support Amidst US-China War Trade Cool Off
The price of Bitcoin has taken a serious hit in the past few days as the largest cryptocurrency has dipped below its supposedly strong support of $10k and bounced back up.
Market visualization. Source: Coin360
The relief of the market as the tension eases off with Bitcoin taking the hit
As the data reflects from coin360 shows, we see that investors have not just had a gloomy week but a have been bashed during the entire week.
As it has been observed in recent months Bitcoin has been seen to have developed a pattern; Bitcoin reversed its success from the previous weekend when geopolitical uncertainty and fiat currency weakness and within several jurisdictions had pushed its price above the $12,000 spot.
Hong Kong and Argentina took the lead as regards fueling this theory which critics of Bitcoin such as Peter Schiff had taken the opportunity to refute as the markets fell. He made a statement through a tweet on Tuesday saying that:
“Now that trade tension with China has eased, the pressure on the yuan is off. Those who bought Bitcoin to speculate on Chinese safe-haven buying, which never happened, are taking their chips off the table,”
On the other hand, Bitcoin advocates on social media, have been seen to be more open to other explanations. According to a survey conducted by a regular analyst and trader Josh Rager delivered a rare even split regarding the future Bitcoin price. In the survey, amongst the 35000 participants, 50% of them had voted for and against the price of Bitcoin taking below $10000 in the short term.