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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Could U.S. Tariffs Be Behind Bitcoin’s Rally Towards $11,000?

Cole Petersen
Cole Petersen
1 year ago
2 mins read
Bitcoin BTC

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Bitcoin has been able to extend the upwards momentum it has incurred over the past several days and is now nearing the key resistance level of $11,000, which was the price at which BTC faced a swift rejection that sent the crypto reeling down to lows of $9,100.

Now, some are theorizing that the United States’ latest set of tariffs on China may have sparked this BTC rally, as most “safe haven assets” are currently surging.

Bitcoin Climbs Towards $11,000 as Bears and Bulls Battle

At the time of writing, Bitcoin is trading up nearly 2% at its current price of $10,770, which is up significantly from its daily lows of $10,400.

This price surge today marks an extension of the upwards momentum that Bitcoin first incurred last weekend when its price sharply dipped to $9,100 before quickly recovering and starting an uptrend that has sent the crypto back to its current price levels.

Importantly, a couple of weeks ago BTC sharply rose to highs of $11,000 before facing a significant sell-off that sparked a week-long downtrend. It remains unclear as to whether or not this price level will once again have insurmountable selling pressure.

Josh Rager, a popular cryptocurrency analyst, spoke about Bitcoin’s near-term resistance in a recent tweet, explaining that $10,800 is a short-term resistance level.

“$BTC Weekly Chart: Currently, Bitcoin price is testing the resistance level $10,833: Price must not only break but want to see the price above on the weekly close in less than 48 hours. Support needs to hold above previous resistance at $10,590. Close above $10,833 is bullish,” he said.

https://twitter.com/Josh_Rager/status/1157497316141654016

Did U.S. Tariffs Spark the Recent Rally?

This past week it was announced that the US will be placing additional tariffs on Chinese imports, which instantly led to a sell off in the global equity markets.

Importantly, many safe haven assets have surged in the time since these tariffs were announced, which may strengthen the Bitcoin “Gold 2.0” narrative.

“$BTC has rallied together with multiple safe-haven assets after Trump’s latest tariff storm. Will the trade war continue to be a catalyst for #Bitcoin’s price growth?” Binance Research explained in a recent tweet while referencing the below graph.

$BTC has rallied 📈 together with multiple safe-haven assets after Trump's latest tariff storm.

Will the trade war continue to be a catalyst for #Bitcoin's price growth? 🤔 pic.twitter.com/Ghf0eqvazF

— Binance Research (@BinanceResearch) August 2, 2019

As the global economy continues to face instability, it is likely that analysts will gain better insight into whether or not this instability will prove to be a positive thing for BTC.

Featured image from Shutterstock.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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