Bitcoin soared to $70,000 recently and was also quick enough to retrace to the $68,000 level. According to CoinMarketCap data, BTC surged from a 24-hour low of $67,600 to a high of $70,000. However, the bulls failed to sustain the momentum. Even though BTC picked up the pace in the last few days, $70,000 proved to be a tough level to breach.
Bitcoin fails to sustain the $70,000 level
Bitcoin suddenly picked up pace after Donald Trump spoke highly of the top cryptocurrency during his Bitcoin conference speech. Trump said numerous positive things about BTC, including that the US government will keep 100% of the BTC it owns. He also said that BTC is going to the moon and advised against selling the leading crypto.
The former president also bravely stated that Bitcoin will surpass the market cap of gold.
All these positive affirmations from Trump definitely boosted the overall crypto market conditions. The overall crypto market has been in the grip of the German government’s sell-off and Mt. Gox’s BTC distribution. While Germany is out of the picture now, Mt. Gox has not yet fully distributed BTC to its creditors. Some of these creditors are panic selling as the price touched $70,000.
Bitcoin’s next trajectory is unsure at the moment. It is currently around the $67,900 to $68,000 level. Investors should wait and watch to analyze whether the panic selling is over or just beginning.
Also Read: Ethereum Struggles at $3.3K; Can August Week 1 See $3.5K?
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