Did US Congress Send Bitcoin Price Back to Five Figures?
Bitcoin price has made a bit of a comeback over the past few hours to re-touch five figures again. It remains to be seen whether this is the beginning of a wider recovery but many analysts are still of the opinion that a four figure BTC is a giveaway.
Bitcoin price made it back to $10,000 again a few hours ago during Asian trading. The move marks a gain of over 10% from BTC’s intraday low of $9,050 yesterday. At the time of writing bitcoin price had retreated back to 00 where it currently trades, still up on the day consolidating around $9,800.
It remains to be seen whether this revisit of five figures is part of a recovery from that recent dip of whether further losses are on the cards. The overall trend for the week is still down and the last move has been another lower high so more pain could be coming over the weekend.
Many are still of the opinion that anything below $10,000 is a gift. RT’s Max Keiser is still very bullish tweeting this yesterday:
“The next vault over $10,000 will leave that digit in the dust. Like we’ll never see $100 or $1,000 anymore, we’ll never see $10,000 again.”
The next vault over $10,000 will leave that digit in the dust. Like we’ll never see $100 or $1,000 anymore, we’ll never see $10,000 again. https://t.co/TzxG8AYsAs
— Max Keiser, tweet poet. (@maxkeiser) July 17, 2019
Yesterday’s Congress hearing may have had an effect on BTC prices with many industry experts stating that it was bullish. Most of the regulatory angst appears to be aimed at Facebook which is a private, profit-driven corporation, now aiming to become the world’s largest digital bank. Binance boss Changpeng ‘CZ’ Zhao couldn’t resist the opportunity to point this out:
“So basically, congressmen are: bullish on bitcoin, just not so hot on Libra. Feeling pitiful for the guys who sold yesterday.”
So basically, congressmen are: bullish on bitcoin, just not so hot on Libra.
Feeling pitiful for the guys who sold yesterday. https://t.co/1j3yeUPSnN
— CZ Binance (@cz_binance) July 17, 2019
Bitcoin Still ‘Eating’ Altcoins
According to Tradingview, BTC dominance is still over 68% despite its recent pullback. Yet again the altcoins are struggling to make an impact even though a few of them have pumped double digits today. Trader and analyst, Josh Rager, has observed the discrepancy adding:
“Currently, BTC sits a weekly open and at 68% and want to see this reduce significantly before investing into altcoins. $ETH (the S&P of alts) is sitting at monthly support, it needs to hold and it all lies on Bitcoin’s future price action.”
Currently, BTC sits a weekly open and at 68% and want to see this reduce significantly before investing into altcoins$ETH (the S&P of alts) is sitting at monthly support, it needs to hold and it all lies on Bitcoin's future price action pic.twitter.com/xgkbpg1BUH
— Josh Rager 📈 (@Josh_Rager) July 18, 2019
In a rare move, Ethereum has actually bounced back more than bitcoin today. The 8% move has lifted ETH prices back to around $218 but it remains bearish and could quickly fall back to support at $200. Altcoins will have their day, but at the moment it is nowhere to be seen.
Will bitcoin price climb back over $10k? Add your thoughts below.
Images via Shutterstock, Tradingview, Twitter: @maxkeiser, @cz_binance, @Josh_Rager