{"id":55667,"date":"2019-08-23T17:17:35","date_gmt":"2019-08-23T15:17:35","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=55667"},"modified":"2019-08-23T17:36:09","modified_gmt":"2019-08-23T15:36:09","slug":"bitcoin-price-bounces-to-10400-off-strong-support-us-china-trade-war-heats-up","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-price-bounces-to-10400-off-strong-support-us-china-trade-war-heats-up\/","title":{"rendered":"Bitcoin Price Jumps to $10,400 Off Strong Support, US-China Trade War Heats Up"},"content":{"rendered":"\n

Bitcoin is doing what it does best lately \u2013 bouncing off $10,000, but it wasn’t just falling below that magical number which brought out the buyers \u2013 the US-China trade war is helping too.<\/p>\n\n\n\n

A sharp $300 improvement in the past 15 minutes has sent bitcoin to $10,405 at the time of writing.<\/p>\n\n\n\n

The rise coincides with the latest developments in the US-China trade at a time when recent bitcoin price action confirms strong support at $10,000. <\/p>\n\n\n\n

Bitcoin targets resistance at $10,777 and $11,400<\/h2>\n\n\n\n

The volume profile’s so-called point of control (red line) that shows the highest level of buying interest for a range of price points, on the 4-hour chart is reading $10,125 \u2013 that provide near-term support for bitcoin. <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bearish traders still hope for a dive towards $8,500 but that seems a doubtful strategy as things stand. <\/p>\n\n\n\n

However, with bitcoin volatility not waning any time soon, a leg down is still in play at these levels unless bitcoin can take out overhead resistance $10,777 and $11,400 (black dashed lines).<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

US-China trade war is a bitcoin growth theme<\/h2>\n\n\n\n

Today’s sharp upturn is possibly linked to the resumption of hostilities in the US-China trade war. <\/p>\n\n\n\n

OK, there hadn’t been a prior outbreak of peace but there is hope for a “constructive” meeting of the respective trade representatives of the two world’s two largest economies.<\/p>\n\n\n\n

China is introducing tariffs in two batches \u2013 on September and 15 December on goods worth $75 billion at rates of 5% and 10%.<\/p>\n\n\n\n

In addition, China is slapping a 25% tariff on imports of US autos. Crude oil and Soy beans are the other major casualties.<\/p>\n\n\n\n

The US has removed some items and delayed others, regarding the $300 billion September tariff schedule introduction for other goods.<\/p>\n\n\n\n

But whether it was the trade war heating up again or merely a rerun of a trading pattern previously seen in buying the dips under $10,000, the current price calms bullish nerves.<\/p>\n\n\n\n

Bloomberg analyst expects Binance Venus Stablecoin To Boost Bitcoin<\/h2>\n\n\n\n

Bloomberg Intelligence analyst Mike McGlone<\/a> makes the same observation<\/a> about the resilience of $10,000.<\/p>\n\n\n\n

According to a Bloomberg report McGlone far from macroeconomic worries helping bitcoin, he says it is the favourable macroeconomic backdrop that could push prices higher.<\/p>\n\n\n\n

In his note he also says he expects the Venus stablecoin launch from Binance to bolster bitcoin price valuation. Venus is seen as a challenging Libra.<\/p>\n\n\n\n

\u201cThe trend toward stability, an essential ingredient in a median of exchange, is accelerating Bitcoin\u2019s advancement as a digital form of gold,\u201d said McGlone.<\/p>\n\n\n\n

The Facebook crypto project has seen substantial regulatory pushback. That may be scaring off the blue chip association members it has signed up to-date.<\/p>\n\n\n\n

A report in the Financial Times today<\/a> reveals that at least three partners are mulling leaving the Libra Association.<\/p>\n\n\n\n

Other analysts and commentators continue to see strong forward momentum being generated by the upcoming launch of Bakkt bitcoin physically settled futures.<\/p>\n\n\n\n

US and European equities moved lower on the trade news but have since stabilised as market participants await today’s speech by chairman of the US Federal Reserve Jerome Powell.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is doing what it does best lately \u2013 bouncing off $10,000, but it wasn’t just falling below that magical number which brought out the buyers \u2013 the US-China trade war is helping too. A sharp $300 improvement in the past 15 minutes has sent bitcoin to $10,405 at the time of writing. The rise coincides with the latest developments in the US-China trade at a time when recent bitcoin price action confirms strong support at $10,000. Bitcoin targets resistance […]<\/p>\n","protected":false},"author":17,"featured_media":42671,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[3626,1119,6896],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/55667"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=55667"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/55667\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/42671"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=55667"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=55667"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=55667"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}