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Bitcoin rises and cryptocurrency are experiencing a wave of recovery

2019-08-19 09:51 am | Resource: News | No Views : 16

Bitcoin rises and cryptocurrency are experiencing a wave of recovery Bitcoin has recently rebounded and rose above the resistance level of 10200 against the US dollar. Last week, we saw a sharp fall in the price of Bitcoin below the $ 10,000 support level against the USD. Moreover, there was a break above the resistance level of $ 10200 and the simple 100-hour moving average.

The most popular cryptocurrency traded above the $ 9500 support level as it recently started an upward correction. It has traded above the $ 10,000 resistance level to move into a positive short-term area.

Although the rise of bitcoin is good news, it does not change the fact that fear is spreading through the encryption space, especially around the regulations we can expect in the coming months or years. It is true that for the time being, Bitcoin is showing some signs of a return to the upside, but the fact remains that not long ago, the currency fell by about 20 per cent and experienced its worst decline in more than nine months. That was when it traded for around $ 3,500 in November 2018.

On the other hand, although Bitcoin is still seen as a strong investment and safe haven among some enthusiasts, especially after the recession indicator began to flash. Over the past few months, analysts and investors around the world have begun to fear recession. While some are more optimistic than ever before and are calling for new record highs for the S&P 500, more and more data are pointing to an imminent decline in conventional finance. Which shows some that Bitcoin, may be the beneficiary of this step.

  The notion that it will somehow protect them from losing their wealth has diminished slightly as the stock market has shown moderate signs of recovery and the tariffs have been paid.

According to social media and other public forums, the position among many crypto traders is "fear" rather than "greed", which has fallen sharply since Bitcoin's currency (albeit briefly) fell below $ 10,000 earlier than this week.

 Cryptocurrency trades
  • Bitcoin is currently trading well above $ 10300
  • Ethereum jumped 6.3%
  • XRP and Litecoin also rose 8.5% and 6.2% respectively.

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