The United Kingdom gained a new Prime Minister this week, voted for by Conservative party members. But will Boris be bad for Bitcoin? Or perhaps cause prices to rise? Maybe Boris isn’t the answer to all our questions and we should be looking elsewhere… like the rest of the weeks news, for instance.
Bitcoin Price: Down But Not Out
It would be hard to argue that bitcoin has had a great week price-wise, but neither has it been a total disaster. According to many analysts, the longer time spent in consolidation, the bigger the breakout when it comes. But that is little comfort when we are $1000 down from where we were a week ago.
The problem was, the breakout could just as easily be on the downside, with pressure building on $9800 support. A push down through this to $9.5k saw the bulls take control again taking the price back up into five digits. £10,000 always looked wobbly though, and price struggled to stay above this psychologically important figure.
The end of the week saw a potential bearish divergence manifest, bringing a price drop towards support at $9k. Thankfully it was held in check at $9400, which seems to have steadied for the time being.