Bitcoin Surges 12.5%, Billions of Dollars Fleeing Out of China could Take BTC Higher


  • As Chinese yuan plunges below 7, the yen, Treasuries, and gold rallies
  • Bitcoin takes the lead as price soars to $11,867on the back of a macro event
  • USD/CNH breaks out of a 3-year range, billions of dollars are fleeing China, BTC could uptrend higher
  • Traders still not confident in the move, BTC could still drop to $7k

For the past 7-days Bitcoin has been on a tear. On July 28th, Bitcoin was trading around $9,150. But on July 30th was when the game started and the flagship cryptocurrency went above $10,000 once again. Then today, BTC went as high as $11,867.

In the past 24 hours, BTC has jumped 12.5% while trading at $11,738, at the time of writing while managing the daily trading volume for $1.68 billion, up from $600 million last week.

BTC making a strong move on the upside, Source: TradingView

So, what are the driving factors behind this move? Was it a coordinated push? A case of Bear divs on multiple high & low timeframes and low volume? No, it’s not! It might not even be as Ran Neu Ner puts it,

“We are entering a new cycle where Investors are moving into Bitcoin when equity markets fall.”

This time Bitcoin is reacting to macro events.

Macro Events are Having a Positive Effect on Bitcoin price

First, on July 30, the Federal Reserve for the first time since 2008 announced a 0.25 bp rate cut that has not only stocks uptrending but also pushed BTC higher.

Today’s jump came on the back of Chinese yuan plunging below the important 7 level, for the first time in a decade. The move made by the central bank (PBoC) is to counter President Donald Trump’s proposed 10% tariff on an additional $300 billion Chinese imports.

Things in the global markets have just begun as traders and experts anticipate the next move Trump would make in his response.

“Without a doubt the global currency war is here, and it’s a natural extension of the trade war that’s just taken a turn for the worse,” said George Boubouras, director at Salter Brothers Asset Management Pty in Melbourne.

While South Korea’s won is tumbling, the yen, Treasuries, and gold rallied amid a flight to safety.

Bitcoin, however, is benefitting from the ongoing trade and geopolitical tensions and currency devaluations the most.

How High Bitcoin is Going?

On August 2nd, trader Credible Crypto shared how the move up on Bitcoin is “severely lacking in volume.” This had him calling out a corrective aka dead cat before another leg to the downside.

Per his projection, BTC would make it to just below $12,000 before it drops down to $7,000. Meanwhile, trader Mr. Anderson is also waiting to see if the current pattern has the potential to move upwards or will get exhausted soon.

https://twitter.com/CredibleCrypto/status/1157185170069426176/photo/1

“I have been consistent in pointing out that an H4 death cross in a macro bull was not a death sentence & raging bull often follows. The raging bull just moved his queen. We will need time to see if this pattern has legs.”

Similar sentiments are shared by market trader and analyst Benjamin Blunts who says, this is early week volatility that needs 4h close above $12,000 to be of importance.

According to him, Bitcoin could very well go below $9,000 in its next move. But if BTC does breaks $12,000, that will be the time to change the position on BTC as USD/CNH breaks out of a 3-year range and billions of dollars are fleeing China with gold and silver making new highs.

Bitcoin’s price is $50,684.57 BTC/USD exchange rate today. The real-time BTC market cap of $945.05 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $14.05 Billion and live coin value change of BTC 6.47 in the last 24 hours.


Live Bitcoin (BTC) Price:

1 BTC/USD =$50,684.5702 change ~ 6.47%

Coin Market Cap

$945.05 Billion

24 Hour Volume

$14.05 Billion

24 Hour VWAP

$49.59 K

24 Hour Change

$3,277.00

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