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Bitcoin quietly came back with a vengeance; +5% on the day to $6,383

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Bitcoin is quietly having a major upswing amongst a tenuous time for risk assets.   As stocks appear poised to have their worst week in 2019, the largest cryptocurrency is surging on speculation increased tariffs will see smugglers go to the cryptos to avoid transparency on future purchases.  The majority of the recent rally with Bitcoin coincides with recent escalation in trade talks between China and US.

Some crypto blogs keep highlighting comments from US representative Brad Sherman who has been a consistent critic of cryptocurrencies.  His comments at the House Financial Services Committee to outlaw cryptocurrency purchases by Americans is nothing new.

After clearing multiple resistance levels, Bitcoin could see resistance from the $6,700 region.  Bitcoin has rallied seven of the last eight trading days, but in its heyday has been no stranger to overextended rallies.  To the downside, $6,000 mark becomes key support.

 

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