The bitcoin exchange rate remains above $10 000

  • And
  • +A

Bitcoin exchange rate stable in the last eight days, trading above the psychologically important level of $10,000, in the range of $9 550-10 900. The bitcoin exchange rate quickly rose in price against the backdrop of escalating trade conflict between the US and China (the weakening of the yuan), as well as the growth of prices for gold after easing in monetary policy in the United States.
During this period in bitcoin was a good correlation. It exploded because of hearings in the U.S. House of representatives on the project Libra from Facebook. Tension with China has declined, but in recent days began to increase. This is evident in the exchange rate of the yuan, which has updated its minimum on from 7.13 to 7.18 (current rate of 7.16).
Additionally, the pressure still comes from project Facebook. Three members of Libra are thinking about leaving cryptocurrency project because of growing pressure from regulators. The delegation of the U.S. house of representatives is going to visit Switzerland to share with the local regulators views on Libra.
But the news for Libra have a minimal impact, since among altcoins is the leader in growth. Ethereum Classic (ETC) this week increased by 40%, to $7,69. It 13 of September, the Atlantis Fork. Also 3-4 October, Canada will host the annual event Ethereum Classic Summit ETC. Cryptocurrencies are often rising in price ahead of the industry event or conference.
Now about the exchange rate of bitcoin in the fall. Since the end of June the price of bitcoin moves sideways 62 days. The range has narrowed from $4840 up to $1680. The long consolidation suggests that market participants do not know what to expect from bitcoin because of the uncertainty of the regulatory authorities in respect of crypto-currencies and the escalation of the trade conflict between the US and China. The two countries traded blows in the form of increased duties on goods, and now all were waiting for negotiations to be held in September.
With a high probability from September to mid-October, bitcoin will go up. At the end of summer it is difficult to say what exactly will be the trigger for growth, but the technical picture is perfect for the resumption of the growth rate of bitcoin. If expectations are met, the price will return to $14 000. Support is at $9 000. If she did not resist, then the market will start a new cryptoim.
____________________
Vladislav Antonov,
Analyst at IAC,
Alpari