Bitcoin Pumps to Mid-June Levels following Boris Johnson’s Resignation


Bitcoin (BTC) hit the $22K level, a scenario last seen in mid-June after Boris Johnson resigned as the UK prime minister.

Webp.net-resizeimage - 2022-07-08T163716.491.jpg

Even though BTC had retraced to the $21,825 zone during intraday trading, the leading cryptocurrency was still up by 7.18% in the last 24 hours, according to CoinMarketCap.

Johnson resigned in a week marred by turmoil in British politics as various ministers quit based on a slew of scandals. Therefore, Johnson’s authority was eroded, which typically paralyzed the UK government.

Speaking to onlookers and supporters outside 10 Downing Street on Thursday, Johnson stated:

“It is clearly now the will of the parliamentary Conservative Party that there should be a new leader of that party and therefore a new prime minister.”

Nevertheless, he blamed the Conservative Party for his woes and said:

 “As we have seen at Westminster … when the herd moves, it moves. And my friends, in politics, no one is remotely indispensable.”

Therefore, news about Johnson’s resignation has triggered a bullish momentum in the Bitcoin market because the top cryptocurrency has been struggling to hold the psychological price of $20,000.

However, a market analyst under the pseudonym Tajo Crypto believes caution should not be thrown to the wind because BTC is still not out of the woods. The analyst stated:

“Bitcoin pumped after Boris Johnson’s resignation and it’s pumping now, but let’s not be too optimistic and blow things out of proportion. We are still in a bear market and there’s no guarantee of leaving yet, especially with the Fed’s quantitative tightening. But anything is possible.”

With Bitcoin being rejected at the 200-day exponential moving average (EMA) at around $22.5K, time will tell how the leading cryptocurrency will play out in the short term.

Image

Source: TradingView/LarkDavis

If the price goes back above the 200 EMA, a technical indicator, a reversal might have happened. 

Meanwhile, Jordan Belfort, a former Wall Street stockbroker, recently stated that BTC investment required a long-term strategy based on underlying fundamentals. 

Image source: Shutterstock





Credit: Source link

Discover

19,463FansLike
232,230FollowersFollow
75,242FollowersFollow
13,834FollowersFollow
2,920SubscribersSubscribe

Sponsor

spot_imgspot_img

Latest

Fashion’s Climate Challenge: From Marketing to Risk Mitigation

In 2015, world leaders agreed to try and cap global warming at a level that scientists believe could stave off the worst effects...

Valerie Bertinelli Can’t Hide Her Excitement About Divorce From Tom Vitale

Valerie Bertinelli is proud to be a single woman again! The "Valerie's Home Cooking" host took to Twitter to share a pivotal moment in...

Prince Harry and Meghan Markle will follow a gala event in recognition of Elizabeth II

The Duke and Duchess of Sussex will follow a service at St Paul's Cathedral to celebrate Her Majesty's Platinum Jubilee. This is noted...

This Potent Glutathione Supplement Is the Secret for Bright, Healthy Skin

Though it’s not talked about as often as other antioxidants like vitamin C, glutathione (also referred to as GSH) is called “the master...

According To Reports, Sylvester Stallone Was Taken By Surprise When He Received Jennifer Flavin’s Divorce Papers

Friends of Sylvester Stallone informed Page Six that he was "blindsided" by...
en English
X