Bitcoin appears to find support at around $8,250 while it continues to test $9,000 USD. If it breaks through that barrier then it may rocket back up to the $10k mark. Historically it has faced resistance at around $10,200, and at around $10,500 back in February 2020. If it surpasses that level, then it may continue to a reach a high for 2020. It may even tap the $13,000 mark as seen in July 2019.
Billionaire Paul Tudor Jones endorsed bitcoin a few days ago. Just prior to the halving of mining rewards, he bought BTC as a hedge against inflation. Jones sees bitcoin as a way to protect his wealth against inflation brought on by central banks in response to COVID-19.
Meanwhile, the stock market ended a six-day earnings streak and the Dow Jones Industrial Average (DJIA) dropped 1.88%, or 457 points in the last day. At this point, it’s important to watch the stock market, bitcoin, and gold.
Dennis Consorte has an appetite for news and information about cryptocurrencies, blockchain, IoT, fintech, adtech, martech and other technologies. He also has over 20 years’ experience in digital marketing and content strategy.
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