Bitcoin is once again hitting strong resistance at $12,000.
The leading cryptocurrency briefly surged just above $12K today where it remained for about an hour and a half before falling back down.
Ari Paul, chief investment officer at cryptocurrency investment firm BlockTower Capital, tells his 138,000 followers on Twitter that we’re entering “a weird macro environment.”
“No perfect historical analogy. A little like 1931 maybe with increasing global competitive currency devaluation, coupled with downward pressure on economic fundamentals from trade wars and political/social upheaval, does crypto first rally as a fiat hedge? Or sell off as a risky asset?
I’m very confident that BTC benefits from the general trend over the next 5 years – literally betting my career on it. But timing matters. I’m ambivalent on the first move. I’d suggest owning some BTC and some gold, with some dry powder to buy more on a sharp fall. Disclosure: that’s my positioning, and plan.”
Right now, BTC is down 0.68% at $11,660 according to COIN360.
Ethereum is down 2.39% at $224.54, XRP is down 2.6% at $0.3118 and Litecoin is down 5.41% at $89.22.
FXStreet analyst John Isige says Bitcoin’s overall uptrend remains intact.
“Bitcoin was forced against a couple of key support areas during the trading on Tuesday. The sellers managed to infiltrate through $12,000 critical level. A bearish leg extended below $10,500.
On the brighter side, the uptrend remained unaffected.”
Here’s a look at the latest forecasts from across the cryptosphere.
FXStreet – BTC/USD defiantly bullish,