I do so enjoy it when you have those moments of Bitcoin excitement, we've had a few lately but for the past couple of weeks BTC has pulled back. It's great therefore when you check coingecko.com and have a little surprise and see that BTC is currently trading around $108,500. I need these tonics as we all eagerly, and in some cases desperately, hope for a full blown alt season.
Check out the current state of play with Bitcoin in the weekly trading chart below. You can see it is up 3.8% on this time last week.
(Source: Coinbase.com - Bitcoin weekly trading graph)
After that crevice you see on June 5th Bitcoin has jumped back, traded sideways and then launched a vertical climb. So what's causing the new energy we are witnessing with Bitcoin?
It's probably got something to do with the hope of tensions easing between America and China as they start trade negotiations in London, in what will hopefully lead to the mutual reduction in trade tariffs and a more stable global economy.
Whether these talks can lead to anything constructive remains to be seen, the trade wars have been particularly bitter between the two countries, which are the two largest economies in the world. What happens with America and China when it comes to trade generally tends to influence the global economy. So if both countries can forge an agreement it might just give us a more permanent calm and give more incentive to Bitcoin and crypto to climb further.
Here's hoping!
Peace!