Bitcoin Holds at $8,400 as Downside Thrust Persists Across Global Capital Markets

written by

Support free journalists: > send a tip

It was one Sunday too much to ask after all, as the Bitcoin bulls were unable to maintain a consecutive weekend of strong price rallies, with Bitcoin price just managing to hold at around USD 8,415 (7:15 am UTC, CoinDesk) as it threatens to test the current support level at USD 8,360.

However, developments in other capital and asset markets around the world suggest that Bitcoin is merely experiencing a worldwide ripple effect, as the day opens with a negative outlook in oil and precious metals as the US-China trade war intensifies. Market analyst Holder Zschaepitz points out how most indices in the Asia and Pacific posted minor losses as speculators price in a 50% chance of a US Federal Reserve interest rate cut by July.

In the past 24, hours, after a surge on a strong weekend, Bitcoin had in fact managed to stay mostly above USD 8,700 and created a high at USD 8,830, but just two hours ago in midday Asian markets, a tumble ensued from USD 8,688 to its current levels as profit taking and selling off took charge.

It has not typically been the pattern in the past few weeks, although Central Europe waking up could be one reason, with businesses and institutional traders taking the time to book in orders for the first trading day of the month.

Downside thrust will likely persist for the remainder of that time zone, however, where Bitcoin goes from here is anyone’s guess, even if most bulls on social media at least will not have their faith shaken so easily. Crypto influencer Anthony Pompliano of the Off the Chain podcast at least is promising to “drop the HEAT” in a letter to investors tomorrow and it smacks of bullish sentiment.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

Help spread this article :)

BitcoinNews.com is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com 

   Advertisement

Latest on Bitcoin News

   Advertisement