RATE Group | Could U.S. Tariffs Be Behind Bitcoin’s Rally Towards $11,000?
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Could U.S. Tariffs Be Behind Bitcoin’s Rally Towards $11,000?

04 Aug Could U.S. Tariffs Be Behind Bitcoin’s Rally Towards $11,000?

Posted at 00:40h in Bitcoin News by

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Bitcoin has been able to extend the upwards momentum it has incurred over the past several days and is now nearing the key resistance level of $11,000, which was the price at which BTC faced a swift rejection that sent the crypto reeling down to lows of $9,100.

Now, some are theorizing that the United States’ latest set of tariffs on China may have sparked this BTC rally, as most “safe haven assets” are currently surging.

Bitcoin Climbs Towards $11,000 as Bears and Bulls Battle

At the time of writing, Bitcoin is trading up nearly 2% at its current price of $10,770, which is up significantly from its daily lows of $10,400.

This price surge today marks an extension of the upwards momentum that Bitcoin first incurred last weekend when its price sharply dipped to $9,100 before quickly recovering and starting an uptrend that has sent the crypto back to its current price levels.

Importantly, a couple of weeks ago BTC sharply rose to highs of $11,000 before facing a significant sell-off…

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