On Tuesday Bitcoin price continued the rally of the previous day by retaking $8,000 then pushing above the 200-day moving average for the first time since November 2019. The strong upside move also brought the digital asset above the long-term descending channel which formed on Jun. 25 and outside of today’s channel breach, Bitcoin had been pinned beneath the trendline since Oct. 26 when Chinese President Xi Jinping called for China to fast track the development and integration of blockchain technology.
Cryptocurrency market weekly overview. Source: Coin360
Many believe Bitcoin’s strong surge from $7,000 to nearly $8,500 has been heavily influenced by the rising tensions between the United States and Iran. In fact, the most recent push above $8,500 occurred as mainstream media reported that Iran had attacked United States troops stationed at two military bases in Iraq.
More than a dozen missiles were fired at both bases and at the time of writing no casualties have been reported. Gold and oil prices also increased sharply, with spot gold price topping a 6-year high at $1,603.21 and gold futures rising 2% to $1,605.80.
BTC, Gold, Oil and S&P 500 chart. Source:…
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Author: Horus Hughes