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Donald Trump Not A Fan Of Bitcoin; Is This The Reason For Bitcoin Price To Descend?

Just when the crypto community and Bitcoin lovers thought that this would be a lingering Bull Run, Bitcoin started falling again. It is since yesterday i.e. 11th July that the price trend lost its surging momentum. While the community and the investors were gawking with high hopes about the price to rise again soon, nothing great really happened though. Meanwhile, Donald Trump, the most powerful and influential person remarked that he is not a fan of Bitcoin and other Cryptocurrencies. Well, is this the reason for Bitcoin and other altcoins to show a plunging trend?

The current market statistics lead to an indication towards the same.

BTC Chart:

Bitcoin Price Prediction- July 12
Bitcoin Price Chart by TradingView

BTC Current Market Statistics:

  • The coin is currently trading at $11,358.60 at 5:52 UTC as on 12th July.
  • Slips down with the Market Capitalization from $215 billion to $200 billion.
  • The 24 h volume of the coin is $27,705,273,719 with a circulating supply of 17,812,687 BTC.
  • Bitcoin currently fetches 8,234.65% Return on Investment (ROI).

 BTC to USD Price Comparison:

As observed from the above 24-hour chart, the price momentum shows a rapid stride from ranging around $12,000 to currently trading at $11,358.60, manifesting a fall of 5.34%. However, this fall has also exhibited the least price mark of the coin even below $11,000. The first fall was yesterday, when the coin fell by 7% from $12,078.17 to $11,232.31. The coin tried to accelerate the pace and extended slightly by 1.05%. Could not hold tight and fell sharply to $10,998.85. With the daybreak today it even rose beyond $11,500 but was unable to uphold.

  • The 6-day SMA and 20-day SMA move together, but the current 6-day SMA (11,946.86) is 4.9% less than the current trading price, indicating to go short with the investment in Bitcoin or have a stop loss number.
  • The RSI of the coin is at 54.07 which does not exhibit a concerned volatility.

BTC Price Prediction and Conclusion:

Unable to comprehend whether the fall is due to Donald Trump’s statement of him not being a fan of Bitcoin and other cryptocurrencies. Although, the coin is expected to trade around $15,000 to $20,000 by the end of the year. Currently, if Bitcoin momentum surges, it may face resistance at $11,800 and if the same plummets, the major support level will be around $10,900.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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