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Home Cryptocurrency news

Bitcoin Blasts Below $10K, Following Senate Hearing on Facebook Crypto

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
Bitcoin Blasts Below $10K, Following Senate Hearing on Facebook Crypto
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Bitcoin price continues to dive following a rejection a couple weeks back from $13,800 that stopped Bitcoin’s parabolic rally dead in its tracks – and may have done so for the remainder of the year.

A failed inverse head and shoulder’s failure has hurt the pride of bulls across the crypto market who are now licking their fresh wounds at the hands on contrarian bears and a negative sentiment by the US President and global governments may have further fueled fears across the space. With Bitcoin at risk of further downside, and altcoins capitulating en masse, how much further will crypto markets bleed out?

Bitcoin Price Smashes Below $10,000, How Deep Does This Correction Go?

Today, Bitcoin took another run higher, blasting its way back upward towards $10,500 after a bearish daily close below weekly support. But given yet another rejection and sharp drop, sell pressure across the crypto market and in Bitcoin may only just be picking up.

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Related Reading | Crypto Analyst: Bitcoin Technical Indicator Struggles At This Range Before Bull Run

Bitcoin price traded the morning of July 16 in a range between $10,000 and $10,800 before it was rejected with force.

Bitcoin is currently in free fall and shows no signs of stopping. Should Bitcoin break below $9,000, then $8,000 could be the next bearish target if sell pressure continues. After $8,000, Bitcoin’s entire bullish rally may be in trouble, and former bear market broken support around $6,000 may be eventually be tested. 

Did the Trump Tweet and Senate Hearing Cause Crypto to Collapse?

The added sell pressure may be due to some ominous tweets shared by United States President Donald Trump, stating that he “is not a fan of Bitcoin and other cryptocurrencies.” He continues that crypto is “not money,” and value is “based on thin air.”

The comments appear to be in reference to Facebook’s Libra cryptocurrency which has shaken up the political landscape since its announcement. Governments are worried that Facebook and other tech giants have become too powerful, and if they gain control over people’s money, there may be serious privacy concerns.

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….

— Donald J. Trump (@realDonaldTrump) July 12, 2019

And following Trump’s tweet, today the United States Senate committee on Banking held a hearing on Facebook’s Libra cryptocurrency, calling the firm “dangerous” and talking of its plans to launch a crypto of its own.

Bitcoin was already on thin ice following a strong rejection at $13,800 and an inverse head and shoulders failure over the last month. Could Trump’s tweet and the senate hearing be the straw that breaks the camel’s back, and sends Bitcoin plummeting down to retest former highs as support? Are altcoins capitulating also responsible for some of Bitcoin’s woes?

Related Reading | Crypto Capitulation: An Altcoin Obituary, Or the Biggest Buy Signal Ever? 

Whatever happens, Bitcoin’s long-term bullishness remains in tact, and any bearish sell pressure – extended or otherwise – is just an opportunity for buying the dip. How far this will go, and when to buy the dip are the only remaining questions.

Tags: bitcoinbitcoin pricecryptoDonald Trumptwitter
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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