The last two hours have been a ride for bitcoin traders.
The cryptocurrency fell as low as $92,728 but the 92K figure has been a key area of support recently and it found strong buyers, rebounding to $94,500.
The broader risk trade followed a similar pattern with US stocks falling and then recovering on the same timeline.
The problem for bitcoin is that it can't seem to break decisively away from $92K and above $100K. Earlier this week that looked to be happening with a rise to $103K but that's been dashed. We've now tested the 92K level on six separate occasions since first breaking above $100,000.
It's encouraging that those levels are holding but it's discouraging that sellers continue to drag it back down. An optimist might say that a base is forming here but this has all come amidst a pretty good environment for risk assets, particularly tech stocks.
I think the market is holding its breathe for Trump, tariffs and a potential trade war. If that unfolds, I suspect bitcoin wil be dragged down with risk assets rather than acting as a safe haven in what will be a messy currency situation.
This article was written by Adam Button at www.forexlive.com.Hence then, the article about bitcoin finds buyers after a test of 92 000 was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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