Bitcoin prices appear to be on the verge of hitting the coveted $10,000 level ahead of this week’s meeting between US and Chinese representatives.
BTC Eyes $100,000
At the time of this writing, BTC prices are above $99,000 and currently sits in an area with considerable resistance, as seen in the charts below.
Cryptocurrency has grown nearly 3% in a day and about 5% in a week.
The derivatives market is also being cooled. Liquidation has fallen by more than 7% in the last 24 hours, and is currently shy at $300 billion, occupying primarily in short positions, Coinglass data shows.
According to Coingecko, Bitcoin’s market advantage is 62%, and the entire market is currently in a state of “greed”. This shows a clear change in emotions last week.
Macros shape the price of Bitcoin
It is safe to say that BTC’s latest moves are driven primarily by macroeconomic events.
As cryptopotato Reported yesterday, US and Chinese representatives are expected to meet this weekend. They discuss potential trade contracts following the recent threat of tariffs, followed by escalated tents.
Additionally, the US Federal Reserve yesterday decided to maintain key interest rates at the same level of 4.25% to 4.5%. Bitcoin initially fell in the news, but losses were erased as the market settled. Investors appear to be positive in the news as the S&P 500 posted their first positive day with the three of them.