{"id":392107,"date":"2019-08-03T19:30:46","date_gmt":"2019-08-03T19:30:46","guid":{"rendered":"https:\/\/wncen.com\/?p=392107"},"modified":"2024-06-11T07:37:55","modified_gmt":"2024-06-11T07:37:55","slug":"could-u-s-tariffs-be-behind-bitcoins-rally-towards-11000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/could-u-s-tariffs-be-behind-bitcoins-rally-towards-11000\/","title":{"rendered":"Could U.S. Tariffs Be Behind Bitcoin\u2019s Rally Towards $11,000?"},"content":{"rendered":"

Bitcoin has been able to extend the upwards momentum it has incurred over the past several days and is now nearing the key resistance level of $11,000, which was the price at which BTC faced a swift rejection that sent the crypto reeling down to lows of $9,100.<\/p>\n

Now, some are theorizing that the United States\u2019 latest set of tariffs on China may have sparked this BTC rally, as most \u201csafe haven assets\u201d are currently surging.<\/p>\n

Bitcoin Climbs Towards $11,000 as Bears and Bulls Battle<\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading up nearly 2% at its current price of $10,770, which is up significantly from its daily lows of $10,400.<\/p>\n

This price surge today marks an extension of the upwards momentum that Bitcoin first incurred last weekend when its price sharply dipped to $9,100 before quickly recovering and starting an uptrend that has sent the crypto back to its current price levels.<\/p>\n

Importantly, a couple of weeks ago BTC sharply rose to highs of $11,000 before facing a significant sell-off that sparked a week-long downtrend. It remains unclear as to whether or not this price level will once again have insurmountable selling pressure.<\/p>\n

Josh Rager, a popular cryptocurrency analyst, spoke about Bitcoin\u2019s near-term resistance in a recent tweet, explaining that $10,800 is a short-term resistance level.<\/p>\n

\u201c$BTC Weekly Chart: Currently, Bitcoin price is testing the resistance level $10,833: Price must not only break but want to see the price above on the weekly close in less than 48 hours. Support needs to hold above previous resistance at $10,590. Close above $10,833 is bullish,\u201d he said.<\/p><\/blockquote>\n

https:\/\/twitter.com\/Josh_Rager\/status\/41654016<\/p>\n

Did U.S. Tariffs Spark the Recent Rally?<\/strong><\/h2>\n

This past week it was announced that the US will be placing additional tariffs on Chinese<\/a> imports, which instantly led to a sell off in the global equity markets.<\/p>\n

Importantly, many safe haven assets have surged in the time since these tariffs were announced, which may strengthen the Bitcoin \u201cGold 2.0<\/a>\u201d narrative.<\/p>\n

\u201c$BTC has rallied together with multiple safe-haven assets after Trump’s latest tariff storm. Will the trade war continue to be a catalyst for #Bitcoin’s price growth?\u201d Binance Research explained in a recent tweet while referencing the below graph.<\/p><\/blockquote>\n

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$BTC<\/a> has rallied \ud83d\udcc8 together with multiple safe-haven assets after Trump's latest tariff storm.<\/p>\n

Will the trade war continue to be a catalyst for #Bitcoin<\/a>'s price growth? \ud83e\udd14 pic.twitter.com\/Ghf0eqvazF<\/a><\/p>\n

— Binance Research (@BinanceResearch) August 2, 2019<\/a><\/p><\/blockquote>\n