Bitcoin Hovers Around 10K After the Recent Correction: What Next?

Bitcoin

The first half of the year saw Bitcoin go on an incredible rally as the cryptocurrency ended up at higher levels at the end of each month and eventually threatened to replicate the bull run from 2017. However, the month of July brought its fair share of turbulence into the market, and it has been the same in August so far as well. The cryptocurrency has been extremely volatile over the past few weeks, but in a new development, it seems to have stabilized recently and has been trading within a narrow range.

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Stable Move Now

While in the past, the cryptocurrency often fluctuated wildly in ranges from $9,000 to $13,000, over the past hours it has been trading between $9,900 and $10,200. It is a significant development for Bitcoin traders, who can now trade with a bit more freedom. The latest drop in the price of Bitcoin has apparently been brought about by the optimism in the markets about a resolution in the trade war between the United States and China. United States President Donald Trump did not impose the extra tariffs as promised and, naturally, it has created optimism. Bitcoin was one of the digital assets that investors had put their money in, in the event of a declining trade war situation, and hence, the price of the crypto has now dropped.

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If the uncertainties of the global economy get somewhat eased, then there is bound to be pressure on the price of Bitcoin. Last week, certain experts had stated that Bitcoin was being looked upon as a hedge against global risks by many investors. The drop in the price of Bitcoin had an impact on the wider crypto market as well, since all of Litecoin, Ethereum, and XRP nosedived significantly after the drop. It remains to be seen how the crypto market plays out over the course of the weekend.

Featured image: DepositPhotos © peshkova

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