The lasting back and forte swing as has far made Bitcoin remain between the price of $9,800 and $11,000, nevertheless, some traders believe hopes cannot be lost for a bullish run as long as BTC remain above $9,000 psychological support.
Since the start of August 23, Bitcoin has been hovering comfortably above $10K defying all odds that can drag it into the four digit values. Bitcoin upward rally which was early feeble received stimulation after China announced a cut-throat additional tariffs as a strike back against US.
The Chinese State Council on Friday announce 5% to 10% additional tariff on $75 billion U.S. goods and 25% tariff on U.S. cars, to take effect on Sept. 1 and Dec. 15 in parity to the date which Donald Trump’s latest tariffs on Chinese goods will come into force.
However, the vilest trade war which has so far been a boon for cryptocurrency has once again made Bitcoin deliver in line with the prayer of its lovers.
The announcement of the new tariff was succeeded by a strong positive reaction from Bitcoin, making the king of crypto surge from below $10,200 to above $10,400 within few minutes.
At press time, Bitcoin remained strong on the upside trend with a market value of $10,408, up by 2.90% in the last 24 hours.
Earlier yesterday, Bloomberg Intelligence analyst Mike McGlone predicted that Bitcoin will soon resume of the recovery trend, adding that the creation of Binance stablecoin, amongst other factors, would help push the price of BTC up the chart.
“The trend toward stability, an essential ingredient in a median of exchange, is accelerating Bitcoin’s advancement as a digital form of gold,” McGlone stated.
Also affected by the announcement of new tariff is the price of Gold which went up by 0.56% on the day to maintain $1,506.441 per ounce.
While the trade war between US and China continues to shower blessing over the cryptocurrency market, experts are expecting more stimulation for Bitcoins rally up the chart coupled with the fact that we just approached the weekend.
Analyst Worries about Possible Ethereum Ugly Drop
Popular analyst Josh Rager continues to keep the community abreast of short-term possible happening on the crypto market chart. Rager believes Ethereum’s ICO glitch has been a major impediment to ETH price in the market, making Bitcoin overshadow the former.
While foreseeing worse downward trend from Ethereum, trader Rager said ETH chart is ugly and accumulation period is yet to arrive.
“ETH chart is ugly, Not the time to accumulate ETH IMO,” he added.