BTC Weakness Gives Tron Room To Surge, Posting New Gains

TRON is featured in our coming altcoin news again. This time, we are featuring it for the right reasons. Because of an apparent  BTC weakness, TRON managed to surge and prove many that it is definitely one of the altcoins to watch out for.

The news comes following the accusations that TRON is a scam and the news about the police raiding TRON’s offices in Beijing because of these accusations. As many best cryptocurrency news sites reported, the position in which TRON was over the past couple of days was no close to good.

Police raids at #Tron offices in Beijing? Additionally, there's many angry people gathered there who are saying things like "Tron is a scam". $trx #trx @justinsuntron pic.twitter.com/qFykQErQu6

— Hayden Otto (@haydenotto_) July 8, 2019

Even though the rumors were quickly addressed by the blockchain company and solved, the events put the cryptocurrency in the negative light and made it plunge against Bitcoin. Now, however, it seems like a new BTC weakness has given TRON room to shine, surge and post new gains.

If we add the fact that the founder of TRON Justin Sun missed the lunch with Warren Buffett due to a flue, there were many theories that the cryptocurrency’s top chief is being detained by Chinese officials over a potential accusation of illegal fundraising and money laundering.

All of the bad publicity in the latest cryptocurrency news makes the only consolation for the crypto token in the fact that Bitcoin is started to lose momentum. The BTC weakness may give TRON the breathing room to recoup some of its loses against the No. 1 cryptocurrency.

It appears that Bitcoin is sealing the $10,000 level but the volatility is still a critical issue. It is also seen as a BTC weakness, which indicates that bulls are no longer interested in buying at the current levels. Despite the most dominant cryptocurrency reaching $14,000, the current levels are not as stable.

A quick look at the monthly chart in the altcoin news shows that a lot of cryptocurrencies are triggered by the price of Bitcoin. It also affirms our short-term bearish view and the fact that a BTC weakness is giving room for altcoins like TRON to grow. All of this tells us that there might be more pain soon.

Finally, Bitcoin is almost overheated at this point and with the current time frame – which mens that for now, the leading cryptocurrency is overvalued.