Second, when the news about the United States President Donald Trump testing positive for coronavirus filtered out early today, Bitcoin succumbed to further selling pressure to hit lows near $10,363. The news of Trump testing positive comes barely weeks to the US Presidential elections, considered as a factor to influence BTC price in the days ahead.
Bitcoin (BTC) is presently trading at $10,529.
Analysts and on-chain data reveal something surprising on the recent storm Bitcoin is facing at the moment which is also corroborated by history: regulation-induced downswings are points of rebound.
In Bitcoin’s short history spanning 11 years, it has seen many negative regulatory actions enacted by governments globally but it has triumphed in all.
Bitcoin researcher Vijay Boyapati believes the BitMex saga won’t be an exception as BTC has always strongly recovered from previous incidences. The BitMEX charges may allude a short-term bearish implication, however, Boyapati believes a recovery is likely in the longer term. He stated that historically, such incidences have always presented a great buying opportunity for Bitcoin.
Other analysts however maintained bullishness on Bitcoin’s long-term outlook but Bitcoin near term outlook remains precarious as traders are advocating cautiousness. However, the sentiment for Bitcoin’s mid-term trading remains neutral. On Bitcoin’s near term outlook, Cantering Clark, a Crypto trader stated:
“In the near term, I think this presents some great two-way trade opportunities. Ultimately, a week from now, it’s water under the bridge. This place has a short-term attention span and is quick to react.”