Bitcoin didn’t show interest in Trump’s health and failed for a recovery

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The global stock markets retreated after a wild rally, because of the news that Donald Trump returned to the White House. The U.S. President spent three days at the hospital as he received treatment for Covid-19. The aides and official plan to restrict the physical access to Trump as he is recovering. But Bitcoin didn’t show much interest in Trump’s health conditions and failed to demonstrate a strong recovery despite the spectacular rally on the U.S. stock markets.
After a massive relief rally, investors on the S&P 500 hit the pause button, which resulted in the biggest single-day gains in four weeks. Analysts believe that the global markets are still vulnerable to major events. The level of uncertainty about Trump’s health condition and willingness to abide by constraints leads to many unanswered questions.
Mark Haefele, chief investment officer at UBS Global Wealth Management, commented:
“As the fourth quarter gets underway, investors face an uncertain outlook. Political uncertainty has moved center stage in the final run-up to the U.S. election, with President Trump’s positive test for Covid further clouding the picture.”
Besides, the markets are waiting for progress on a new U.S. economic stimulus package. The stocks are likely to get another powerful boost if the package is approved, or at least there are promising developments; otherwise, the market can resume the downside correction.

Bitcoin fails to follow the stock’s lead

Bitcoin didn’t show much interest in Trump’s health conditions and failed to demonstrate a strong recovery despite the spectacular rally on the U.S. stock markets. The cryptocurrency leader is stuck in the range of $10,600-$10,800 and hit the intraday high of $10,800 on Tuesday before retreating to $10,730 by press time.
Bitcoin’s market value is hovering below $200 billion, which is 58.1% of the total cap of all digital assets in circulation, as CoinMarketCap reported. Since the beginning of August, the metric has stayed below 60% as the Defi boom gave rise to several new coins.

Prediction

Currently, BTC/USD recovery is limited by the resistance level of $10,800. This barrier is reinforced by the upper line o the symmetrical triangle on a daily chart. A combination of the short-term and mid-term EMAs (exponential moving averages) clustered around the current price shows an additional challenge for Bitcoin bulls.
This area served as an intraday high on Monday and Tuesday, and once it is broken, the recovery may be extended towards the area of  $11,000-$11,200 that stopped buyers in the middle of September.
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