US-China trade tensions result in Bitcoin’s rally to $8,370.59
- Following the surge of Bitcoin to new 2019 highs, there was a retracement that found support at $7,750.
- Bitcoin is currently valued at $7,923 and the price is above the 100 SMA and the 200 SMA.
According to the leading crypto analysts in the industry, Tom Lee of Fundstrat, the recent rise in Bitcoin price is linked to the tension that currently exists between the United States and China. In addition to that, imminent halving, Bakkt announcement regarding BTC are other factors leading to the price of Bitcoin rising significantly in the last couple of days.
Following the surge of Bitcoin to new 2019 highs, there was a retracement that found support at $7,750 on Thursday. BTC bulls are apparently cashing out their profits on the fear that the price could pull back. The retreat due to overbought levels did not stay down for long as Bitcoin revamped the uptrend almost immediately stepping above $7,900.
Bitcoin is currently valued at $7,923 and the price is above the 100 SMA and the 200 SMA. The RSI is currently moving horizontally at 60.00. The MACD is sitting in the positive territory, although moving lower towards the mean line (0.0). Bitcoin’s is poised for a correction north in the coming sessions.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
