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Digital Currency Revolution Series: Bitcoin price plunges below $10k after Trump’s rally

The July month so far has been fragile for Bitcoin and its crypto peers have shown a price slump again after previous month’s rallies up to $13,880 level.

Technically, BTCUSD price, this month, has plunged below $10k and hit 9,855 levels, as the interim rallies are restrained below 7SMAs. 

Thereby, the minor trend, for now, seems to be weaker and all technical indicators have been bearish bias.

President Trump tweeted “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.”

Upon his commentaries, Bitcoin registered 6.8% during the last weekend owing to his comments but erased the gains thereafter. Trump later appends by stating “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity."Furthermore, He has also criticized Facebook Inc.’s project of the Libra.

The price regained somewhat the following by approximately 1.5% as Bitcoin aspirants seemed to take it positively.

While the uptrend has resumed and hit fresh 2019 highs after bottoming out at 3116.59 level (refer monthly chart) and formation of bullish engulfing patterns on weekly plotting, while both momentum and trend indicators, on this timeframe, are in tandem with the current uptrend as the US President Trump, ultimately seems to be categorical to comment on cryptocurrencies.

By Niranjan Patil
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