Cryptocurrency
Bitcoin’s Bull Bias Intact Despite 6% Price Pullback
As Coindesk reports, “Bitcoin has pulled back from multi-week highs, but is still hovering in bullish territory above key support near $7,600. “The number one cryptocurrency is currently trading at $7,910 – down 6.5 percent from the seven-week high of $8,463, according to CoinDesk’s Bitcoin Price Index (BPI). The pullback began during the U.S. trading hours […]
As Coindesk reports, “Bitcoin has pulled back from multi-week highs, but is still hovering in bullish territory above key support near $7,600.
“The number one cryptocurrency is currently trading at $7,910 – down 6.5 percent from the seven-week high of $8,463, according to CoinDesk’s Bitcoin Price Index (BPI).
The pullback began during the U.S. trading hours on Wednesday with gold and other safe havens losing ground on easing of geopolitical tensions.
“‘Bitcoin’s price dropped down to $8,100 (from $8,300-$8,400 range) right as President Trump announced at 11 am ET that the U.S. will not escalate the conflict with Iran,’ Hong Kim, co-founder and chief technology officer at Bitwise Asset Management tweeted Wednesday.
“Popular analyst Ran NeuNer has also put out a tweet, drawing attention to the fact that both bitcoin and gold moved lower following President Trump’s speech.
“Bitcoin has moved in tandem with gold since Friday. The cryptocurrency turned higher from lows near $6,850 on Friday after the U.S. attacked Iran and clocked seven-week highs during the Asian trading hours on Wednesday. During the same time frame, the yellow metal rose from $1,530 to 6.5-year highs above $1,611.
“So, it appears as though markets are beginning to treat the cryptocurrency as a haven asset…”