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

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.

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.

This article was originally published on blockchain.news

Share to Social Media

Share on facebook
Share on telegram
Share on twitter
Share on linkedin
Share on pinterest
Share on reddit
Share on whatsapp

Recent News

Hot stories

Promotion

Join Our Newsletter