RATE Group | Bitcoin Lost Momentum, But Markets Believe In Its 2020 Outlook
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Bitcoin Lost Momentum, But Markets Believe In Its 2020 Outlook

10 Jan Bitcoin Lost Momentum, But Markets Believe In Its 2020 Outlook

Posted at 14:05h in Bitcoin News by

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A sharp rise in the USDT emission perceived as a positive signal for growth, so bots start buying after such news. What happened once again indicates a growing share of algorithmic trading in the crypto sector.

As a result, Bitcoin jumped up to $8,400, where it faced severe resistance. Apart from mistaken news on USDT emission, the geopolitical tension around Iran and the U.S. began to decrease. It became clear that both sides are not interested in further escalation and markets started to return to normal functioning. For Bitcoin, this means a decline.

Besides, as the crypto market began to grow, the technical picture pointed to a significant overbought of the Bitcoin. The Relative Strength Index (RSI) was even higher than when the bitcoin rebounded to $10K at the end of October 2019, when China’s head Xi Jinping made his famous statement related to China’s course on the blockchain development. It is not surprising that now we are witnessing a rollback in prices. However, the…

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