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Sirwin

Rising tensions between the United States and China; $ 10,000 is the next target for Bitcoin prices?

By ... | World of Crypto | 29 May 2020


A new wave of buying sentiment has pushed the price of Bitcoin to more than $ 9,500.

Bitcoin hit $ 9,625 in late Thursday. This upward trend was accompanied by an increase in Wall Street indicators earlier in the day. The S&P 500, for example, rose 3.29 percent.

However, after Donald Trump announced that he would have a press conference on China on Friday, the increase in the index disappeared.

But the news did not lower the price of bitcoin. The digital currency, which has been trading roughly the same level as the S&P 500 since March, has maintained above its $ 9500 support level.

Reach for $ 10,000
Bitcoin's recent uptrend has raised the price of this digital currency to $ 10,000 in the next uptrend.

After lowering the stock market index, Bitcoin has been able to keep its price floor above $ 9,500 and weaken its relationship with the stock market for a while. Rising tensions between the United States and China have created risky conditions and increased demand for secure assets.

Bitcoin prices have risen this time around with gold. Investors were expecting long-term negative consequences as relations between the United States and China soured.

This sentiment prompted investors to look for safe-haven assets and turn to gold and digital currencies.

What Donald Trump says at Friday's news conference will affect gold and bitcoin. In the bitcoin market, they were able to take advantage of the recent upward trend. This trend could push Bitcoin prices below $ 9,500.

Meanwhile, if Trump decides to eliminate Hong Kong's special trading situation or, under worse conditions, impose sanctions on China, Bitcoin cows could quickly raise the price of the digital currency to $ 10,000 by the end of the week.

Bitcoin Risk Reduction Risks
Even a price increase of $ 10,000 can't make cows more likely to raise prices.

Traders are starting to sell at this price level, which coincides with the 2.5-year downtrend. Since May 6, traders have tried eight times to break the $ 10,000 mark, but have failed each time. One of the declining returns caused the price of Bitcoin to fall to $ 8,700.

With these interpretations, Bitcoin is moving in contradictory terms. If it can exceed $ 10,000, the upward trend to $ 11,500 seems to be achievable. Otherwise, it is possible to return to the price of $ 8700 and then continue the downward trend to $ 8000.

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