Bitcoin is up 3.5% trading just over $6k, as funds flowed back into crypto markets in late US / early Asian trading, fueled by concerns on trade deals and rising volatility in the stock markets as the DOW dropped 473 points yesterday.
- Bitcoin trading at $6,052 on Coinbase
- Transactions are testing all time highs
- Uncertainty surrounding trade tariffs, combined with Brexit and ongoing civil unrest in Paris continue to push demand for an alternative hedge
BTCUSD Weekly - Data: Poloniex.com
As I wrote in my previous post last month about how Bitcoin is poised for the next leg up, the market has continued bullish and we can see how these fibonacci levels are playing out in relation to how price action is behaving between these lower levels; as it gravitates back towards the 50% retracement ($11k) and onwards with the halving now only a year away and transactions sitting at near all time highs.
Safe Haven Drives Demand
Are cryptocurrencies really more risky then fiat currencies? With the recent hack on Binance's API some may debate the feasibility, although no customers have lost funds at Binance, the whole ordeal has got many fearing another Mt.Gox or QuadrigaCX incident or remarking how funny it is the hackers only took Bitcoin and didn't touch any alt coins at all!
This month has seen a great push for Bitcoin as a safe haven with stocks worldwide selling off amid fear of Trump's trade tariffs deals, and repercussions caused there after - Combined with ongoing Brexit uncertainty and the protests in Paris there are a multitude for buyers to be in the market.
Now with the recent news regarding the Bitfinex tether investigation which first saw people dumping tether to further spur Bitcoin bulls on as a safe haven, we now see the judge has ruled in Bitfinex's favor and criticized the NY attorney general - which may just make things get even more bullish.
The momentum is growing once again. The golden cross is in play. Let profit run.