Bitcoin tries to jump to reach the $11,000 psychological support level again

After a week of losses, the Bitcoin currency managed to rise again and rise higher, surpassing the psychological support level of $ 10,000 strongly, with the return of demand for buying Bitcoin, with the markets optimistic about some positive news as the date for the launch of the Bitcoin-denominated futures contract was set by the largest futures exchange. In the US Bakkt.

During the last week's trading, bitcoin lost XM Arabia 15% to post its first weekly decline in three weeks, due to weak demand for the world's largest cryptocurrency with renewed concerns about regulatory operations in the United States, as the US Securities and Exchange Commission postponed the decision on the inclusion of bitcoin in exchange-traded funds Provided by VanEck, Bitwise and Phoenix.

Positive developments in the US-China trade war were also a means of pressure on Bitcoin, as US President Donald Trump announced last week to postpone the implementation of new tariffs until December 15, which was supposed to be implemented on September 1. .

btcusd daily 19 aug 637018352598655432

Bitcoin - August 20,

The current rise in bitcoin is giving the green light to Bakkt, an affiliate of the Intercontinental Exchange, from the US Commodity Futures Trading Commission to launch bitcoin-denominated contracts next month.

Bitcoin's performance over the past few years

Bitcoin witnessed a very volatile performance in two weeks, reaching the level of $ 11,700 amid expectations of reaching the level of $ 12,000, then it fell to the level of $ 11,300 and remained near this level for several days, then continued its decline to reach $ 10,900, then 10,500, and finally $ 10,050, and resumed the rise again Another traded at $10,300 and then jumped to $10,700, due to the upbeat news about Bakkt.

What is expected for bitcoin in the near term?

The decline in the price of Bitcoin in the past week and its growth again indicates that the collapse of the commodity and stock markets is stimulating the demand for buying cryptocurrencies, especially when this happens due to the deterioration of the political situation as in Hong Kong or the sharp weakness of national currencies everywhere in Eastern Europe .

The global turmoil is expected to increase the demand for buying bitcoin along with traditional safe assets such as gold.

 

Mohamed Abdel Khaleq
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