{"id":401642,"date":"2019-10-17T13:00:39","date_gmt":"2019-10-17T13:00:39","guid":{"rendered":"https:\/\/wncen.com\/?p=401642"},"modified":"2024-06-11T13:31:12","modified_gmt":"2024-06-11T13:31:12","slug":"bitcoin-corrects-above-8k-as-weak-us-data-brexit-deal-occur","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-corrects-above-8k-as-weak-us-data-brexit-deal-occur\/","title":{"rendered":"Bitcoin Corrects Above $8K against Weak US Data, Brexit Deal"},"content":{"rendered":"

Bitcoin was attempting to hold $8,000 as support on Thursday after it slipped briefly below the said level yesterday.<\/p>\n

The benchmark cryptocurrency surged by 0.83 percent, or $66.14, to trade at $8,059.68. The move uphill came after a depressive price action on Wednesday that took the bitcoin price below the $8,000 support level. At its intraday lowest, the cryptocurrency was trading at $7,908.86.<\/p>\n

\"bitcoin,<\/a>
Bitcoin attempts a weak pullback after dropping below $8,000 on Wednesday | Image credits: TradingView.com<\/figcaption><\/figure>\n

Weak US Economic Data<\/h2>\n

The bitcoin’s loss and subsequent mild recovery came amidst the release of vital US economic data on Wednesday morning. The retail sales report showed a drop of 0.3 percent, marking the first contraction in months. It raised concerns over the deteriorating health of the US economy, which could prompt the Federal Reserve to announce fresh rate cuts at its next meeting.<\/p>\n

The weaker-than-expected economic data pushed the US stocks lower on Wednesday. The benchmark S&P 500 index plunged by 0.2 percent at the close. The sentiment towards risk-on assets spread into the Asian markets today. Japan’s Topix was down 0.3 percent while Australia’s S&P ASX 200 plunged by 0.2 percent. Meanwhile, in China, the CSI 300 of Shanghai- and Shenzhen-listed stocks were up by 0.1 percent.<\/p>\n

Brexit Deal Reached<\/h2>\n

Bitcoin held on to its gains also as UK Prime Minister Boris Johnson announced that they had reached a Brexit deal with the European Union. The politician confirmed in a tweet:<\/p>\n

“We\u2019ve got a great new deal that takes back control \u2014 now Parliament should get Brexit done on Saturday so we can move on to other priorities like the cost of living, the NHS, violent crime and our environment.”<\/p><\/blockquote>\n

\n

We\u2019ve got a great new deal that takes back control \u2014 now Parliament should get Brexit done on Saturday so we can move on to other priorities like the cost of living, the NHS, violent crime and our environment #GetBrexitDone<\/a> #TakeBackControl<\/a><\/p>\n

— Boris Johnson (@BorisJohnson) October 17, 2019<\/a><\/p><\/blockquote>\n