Trump Stimulus Tweet Sends Bitcoin Price Plummeting $200 In 20 Minutes

Tony "The Bull" Severino

1 year ago

2 mins read

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Bitcoin price just tanked just as US President Donald Trump crushed hopes of the stimulus round two. In just 20 minutes from the time the President tweeted, the price of the leading cryptocurrency plunged $200.

Here’s what’s at risk if Bitcoin drops lower.

BTCUSD $200 Drop in 20 Minutes | Source: TradingView

Trump Tweet Tanks Bitcoin Price, Tanks Of More Stimulus Checks

Bitcoin price has been holding strong above $10,000, and more recently, $10,500. It even showed strong resiliency in the face of the recent BitMEX fiasco, the KuCoin hack, and even President Donald Trump contracting COVID.

But the US President canning any chance of a recent stimulus bill proposed by Nancy Pelosi and House democrats has sent markets crashing.

Nancy Pelosi is asking for $2.4 Trillion Dollars to bailout poorly run, high crime, Democrat States, money that is in no way related to COVID-19. We made a very generous offer of $1.6 Trillion Dollars and, as usual, she is not negotiating in good faith. I am rejecting their…

— Donald J. Trump (@realDonaldTrump) October 6, 2020

The Dow Jones dropped 300 points almost instantly at the news, and Bitcoin price plunged by $200 in under 20 minutes.

Thus far, support at $10,500 continues to hold, but losing the level could result in a revisit to past lows.

Near-term, if Bitcoin breaks down though $10,000 support that’s held strong so far, it could send the cryptocurrency back to the $9,000 range. A gap left on CME Futures charts near $9,200 could act as the most logical target.

Risk of the election and a second wave of the pandemic have had markets on edge, and Bitcoin price may have just fallen off it finally thanks to Trump’s tweet,

The President effectively killed two birds with one stone via his tweet, crushing the crypto asset’s recent bullish momentum, and ongoing talks of the second round of stimulus checks.

Trump only recently returned to office following a stint at a medical facility where he was being treated for COVID. Trump squares off against Biden this November but may have just sealed the win for his opponent with the controversial move. And it also put Bitcoin on the ropes and at risk of more downside.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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