Bitcoin Price Retreats to $8K as Trump Defuses Potential War With Iran
Horus Hughes's original article for cointelegraph.com reduced by 70%
Over the last few hours, the price of Bitcoin began to falter at $8,300 and dropped all the way to the support at $8,000 as United States President Donald Trump stated that he would not seek further military action against Iran following Tuesday night's bombing of two air bases in Iraq. The 4.82% pullback could show that speculators looking for Bitcoin price to rally higher on what they interpreted an increasing chance of war with Iran decided to either pull their bids or take profit as Bitcoin struggled to hold $8,300. Regarding Bitcoin's immediate price action, there are a few factors to consider.
Those who rely on the Bollinger Bands indicator know that Bitcoin price tends to almost predictably bounce between the lower band, middle moving average, and the top band as rallies and corrections occur. The recent rally to $8,478 brought the price above the upper Bollinger Band and it is customary for the price to drop back to the moving average and hold there before either dipping below the MA to continue toward touching the lower band, or the price rides along the moving average as Bitcoin consolidates and gains momentum to resume the uptrend. The 1 and 4-hour timeframe show Bitcoin price holding above the 50-MA and it is important for the digital asset to retake $8,116 over the short-term.
The overall cryptocurrency market cap pulled back slightly to around $214 billion as Bitcoin's dominance holds at 69.1%. As President Trump spoke, oil prices also dropped with Brent Crude falling 3.7% from a recent high of $71.75 and the S&P 500 rose by 0.7% to reach an intraday high.
Donate Bitcoin to this address
Scan the QR code or copy the address below into your wallet to send Bitcoin
Donate Ethereum to this address
Scan the QR code or copy the address below into your wallet to send Ethereum
Donate With MetaMask
Donate ETH With MetaMask
Alternatively, support us by using the following referral links:
CN [too long; didn’t read]
Summarised crypto news.