Bitcoin (BTC), which hit $22K on June 2, was the highest level since mid-June, when Boris Johnson, the UK prime minister, resigned.
BTC was still available for purchase. retraced The leading cryptocurrency, Bitcoin, was trading in the $21,825 area during intraday trades. However, it was still up by 7.18% over the past 24 hours according to CoinMarketCap.
Johnson resigned after a week marred in turmoil in British politics when various ministers quit due to a number of scandals. Therefore, Johnson’s authority was eroded, which typically paralyzed the UK government.
Johnson addressed supporters and others outside 10 Downing Street on Thursday. 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.”
He blamed the Conservative Party, however, for his troubles and stated:
“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.
Tajo Crypto, a market analyst, believes that caution should not be taken because BTC has not yet reached its full potential. According to 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. Even with Fed’s quantitative tightening, we are still in bear markets and there is no guarantee that we will leave. But anything is possible.”
Bitcoin can be used to purchase other currencies. rejected The 200-day exponential moving Average (EMA) is around $22.5K. Time will show how the most popular cryptocurrency will perform in the near term.
A technical indicator might indicate a reversal if the price falls below the 200 EMA.
Jordan Belfort (an ex-stockbroker on Wall Street) recently stated that BTC investing requires a long-term strategy that is based upon the fundamentals.
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