RATE Group | Bitcoin ready to break from descending wedge
75013
post-template-default,single,single-post,postid-75013,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin ready to break from descending wedge

08 Jan Bitcoin ready to break from descending wedge

Posted at 12:55h in Bitcoin News by

[ad_1]

  • Bitcoin is driven by a combination of factors.
  • BTC came close to critical resistance.

Bitcoin (BTC) has printed the sixth bullish candle in a row and taken down several important resistance levels on its trip to the North. Concerns about a military conflict between the U.S. and Iran are considered as one of the factors behind the sharp growth of the cryptocurrency markets. 

It is not all about geopolitics

Experts believe that Bitcoin behaves like a safe haven, attracting capital flows in periods of uncertainty. Also, being free from political control, Bitcoin is regarded as an insurance against sanctions, frozen bank accounts and other hostile actions of the governments that may deprive people of access to their money. 

However, geopolitics is not the only factor behind BTC stellar growth. Emmanuel Goh, who runs crypto derivatives tracker Skew, points out to the so-called January effect.

Bitcoin and gold are well supported due to rising tensions between…

[ad_2]

Source link

Tags:
, , , ,