Are US Tariffs Behind The $11,000 Bitcoin Price Rally?

Bitcoin has been extending its upwards momentum that it incurred over the past several days. The price of the most dominant cryptocurrency is now nearing the key resistance level of $11,000 which was the price at which BTC faced a swift rejection before. All of this sent the crypto reeling down to lows of $9,000. However, once Bitcoin reignited, many people started wondering: Are US tariffs behind the new rally?

The truth is, there is a lot of theory in the latest cryptocurrency news. Some analysts think that the United States and its latest set of tariffs on China may have sparked a BTC rally, as “most of the safe haven assets” are currently surging.

What we can see is that Bitcoin has corrected this morning and is at $10,700 flat with a $191 billion market cap. The coming altcoin news show that the altcoins are following the trend and every coin in the top 20 is in a mild decline. So, on the question “are US tariffs bringing another BTC boom” we can probably say that the correlation is not that big.

What was interesting, however, is the fact that Bitcoin dipped to $9,100 before quickly recovering and starting an uptrend which sent the crypto back to its current price levels. Importantly, a couple of weeks ago BTC sharply rose to highs of $11,000 before it faced a significant sell-off which sparked a week-long downtrend.

Many best cryptocurrency news sites have asked the question “are US tariffs leading us to a new BTC boom” but not all of them were ready for what is coming. According to Josh Rager who is a popular Bitcoin analyst:

“$BTC Weekly Chart: Currently, Bitcoin price is testing the resistance level $10,833: Price must not only break but want to see the price above on the weekly close in less than 48 hours. Support needs to hold above previous resistance at $10,590. Close above $10,833 is bullish,” he said.

$BTC Weekly Chart

Currently, Bitcoin price is testing the resistance level $10,833

Price must not only break but want to see the price above on the weekly close in less than 48 hours

Support needs to hold above previous resistance at $10,590

Close above $10,833 is bullish pic.twitter.com/sRmtp02LaA

— Josh Rager 📈 (@Josh_Rager) August 3, 2019

So, are US tariffs on Chinese imports behind the recent rally?

The answer is – not necessarily.
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Even though there has been some impact and a sell off in the global equity markets, many safe haven assets have surged in the time since these tariffs were announced. The global economy continues to face instability and analysts need better insights on the positive signs for BTC.