Aussie Dollar offers Hope to Bitcoin Bulls as BTC drops below $ 75k, completing the double top sell-off
Almost 10 weeks ago, CoinDesk discussed A double top bearish reversal pattern in bitcoin (Btc), a seller-off warning to $ 75,000 in a move that is typical of a bull-market pull back.
On Monday, the price dropped below this level as rising tensions in the financial markets of financial markets, sending the average DOW Jones industry to be less by a whooping 900 points. According to the technical analysis theory, the BTC sell-off could run out of steam between $ 70k and $ 75K, as discussed in January.
Besides, the Australian Dollar (AUD), a commodity currency that is particularly vulnerable to the tensions led by Trump’s global trade, offers hope in crypto bullies. The AUD/USD pair recovered at 0.6011 after the fall of less than 0.5930 earlier Monday, according to Data Source TradingView. The pair was the worst hit on Friday, falling to 4%, a big move for a national currency.
When trading tensions increase, the currency of the countries involved in the uprising usually react quickly due to the expected changes in trade balances, economic conditions and expectations of interest rates. Aud is one of such currencies. As money in the home of Commodity Exporter Australia, it is seen as a proxy for China, one of the country’s largest customers. Thus, sharp recovery in the AUD may be a sign of tariffs led by the tariff that reached the climax.
That said, the bottom of fishing in a falling market is like catching a falling knife, a dangerous approach.
