Bitcoin has been fluctuating a bit lately in comparison to the previous days. Bitcoin trading has been continuing for weeks, albeit in a narrow range. However, although they received very important supports, bulls could not overcome the psychological level.
Therefore, investors’ interest and some decrease in the daily trading volume of the digital asset were experienced. In fact, for a long time, market experts have predicted that stormy situations may occur in the near future. Therefore, it was seen that investors were waiting for the time of an event that could raise the market. In the past few hours, the expected news has come that could lead to major changes.
Chinese president Xi Jinping recently signed the controversial Hong Kong Security Act. Both the US and the UK immediately condemned this new law, which could undermine the principle of “One country, two different systems” launched between China and Hong Kong.
In this way, the trade war between the USA and China continues to be a potential trigger of indecision on investors. Both countries accuse each other of constantly dragging the world into turmoil. With this new law, the USA has made it clear that it will stand by Hong Kong people who take a stance against China. In turn, China asked the United States not to interfere with its internal affairs and not to interfere with the events.
At this point, however, trade wars, which were the result of hostility between these two countries, created an opportunity and rise for Bitcoin. It was determined that the demand for Chinese Bitcoin purchases increased when provocation between the two countries increased. Citizens seem to have preferred Bitcoin as a safe haven in the uncertainty of growth in the world’s two largest economies.
No official statement has been made so far, except for the condemnation decision from the US or the UK. However, this is expected to happen in the next few days. Especially if the USA provokes China, this may cause the trade agreement between them to break. In addition, new sanctions may be raised between the two countries.
It is possible that all such movements will cause the economies of both countries to fluctuate.
It is estimated that Bitcoin will now approach $ 9,300 by approaching testing $ 9,500. At this point, any positive trigger can send Bitcoin investors to the fear of missing out on the opportunity and cause prices to rise up to $ 12,000.
At the lower level, the support threshold of $ 9,000 continues to remain critical, with a bearish trend below $ 8,800.