CoinNess.com Analysis: BTC Will See Increase After Short-Term Correction

in #coinness • 5 years ago

Today (July 1), the price of Bitcoin (BTC) fluctuates around 11,000 USDT on Binance, with a 24-hour decrease of around 8.00% currently.
Citing the analysis of Miles, the leading analyst at CoinNess.com, the dollar may have effects on BTC’s price. “Dollar weakness may boost BTC increase,” CoinShares chairman Danny Masters said via Twitter on June 26.
On the contrary, BTC’s has decreased as the dollar strengthened. For the future market, from the policy side, the trade war between China and the U.S. will be still unpredictable, and the US sanctions against Iran will continue. Therefore, the expectation of the US interest rate cut still remains. There are still chances for Bitcoin to increase. What’s more, according to the latest news, at about 14:00 (UTC) on June 30, the short positions of Bitcoin on the crypto exchange Bitfinex experienced a plummet, with over 30,000 deals diminishing to about 10,000 deals, which has created a record low since last February. Hence, Bitcoin may pick up the uptrend after a short-term adjustment.
From the market side, Bitcoin has been tested the uptrend line since June. If it can get support here, there will be an upward rebound, but the current expected height will not exceed $14,000. However, if the price of BTC drops below $10,520, then there will be a downward trend. The next strong support will be between $8,900-$9,400.

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5 years ago in #coinness by
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