- Bitcoin (BTC) breaks below the $8k level
- The price of Bitcoin drops as tension around Us, Iran situation drops
- The brawl increased the selling pressure of Bitcoin
Bitcoin News Today – Bitcoin (BTC) and other digital currencies are on the low as the President of the United States – Donald Trump – eases the air between Iran and the US. As tension around the recent event drops, BTC falls below $8k and other digital currencies are also experiencing the same thing. However, the next macro uptrend of Bitcoin (BTC) may start sooner than you think.
Bitcoin Price Drops as Tension around US-Iran Situation Drops
The price of Bitcoin plunged below $8k overnight after the issue between the US and Iran showed signs of resolving itself. This has got many digital currency analysts talking, with most of the predicting that the price of BTC will continue to drop. At the time of writing, Bitcoin is trading at $7,831 after a considerable decrease from its recent high of $8,400, where it surged to when the tension was building up.
Bitcoin (BTC) Price Today – BTC / USD
The world is on the verge of a Third World War after Iran has come at loggerheads with the United States of America after the assassination of Qaseem Soleimani – a top Iranian commander – and Tehran hits bases accommodating American troops in Iraq with ballistic missiles. In revenge, Iran launched over a dozen ballistic missiles at the Ain al-Assad airbase in the Anbar province of Iraq and a military facility in Erbil on Wednesday and warned America against further attacks.
The President of Iran – Hassan Rouhani – warned the US it risked a “dangerous response” if the White House tries any further intervention in the region. This event has had a direct impact on the digital currency market, with BTC and other top altcoins trading in the red.
Iran, US Brawl Increased Bitcoin Selling Pressure
The dispute between both countries increased selling pressure after investors and traders learned that America does not seem to have plans of retaliating against Iran for their recent missile strike on an Iraqi military base.
Joss Rager, a very popular digital currency analyst – said that he believes that the price of the digital currency could plunge further, and how it responds to the support around its present price will provide an insight into how deeper the pullback can go.
$BTC can certainly go deeper than orginally expected
Target hit, but if this bounce is weak will look to short and re-enter at a lower target
The only reason to be bullish short- term before was geopolitical news/rumors that has since changed
Shorting $84xx was the trade opp https://t.co/mopz5axkPI
— Josh Rager 📈 (@Josh_Rager) January 9, 2020
He added that if Bitcoin (BTC) fails to hold gains over the support it has found around its present price, it could ignite a short-term downward trend that would make it loss a considerable amount of the gains it recently amassed.
“This overt rejection led the cryptocurrency as low as $7,777 a few hours ago, just prior to bulls stepping up and ardently defending this level, which resulted in BTC climbing back towards $8,000. Although the crypto did fave a slight rejection at $8,000, it has still been able to hold above its key support.”