Bitcoin has rebounded from low yesterday of 6900 to a high today of $7400.

Many think the rebound has been due to the military strike on a general of the Iranian army, Qasem Solemani, who is regarded as the second most powerful man in Iran.ho many regards the second most powerful man in Iran.

Soleimani was killed by an air strike at Baghdad airport early on Friday ordered by US President Donald Trump.

The 62-year-old spearheaded Iranian operations in the Middle East as head of the elite Quds Force. Mr Trump said he caused millions of deaths.

The killing marks a major escalation in tensions between Washington and Tehran.

Oil prices increased by 3% overnight as well so this may well be a correlated move to the upside across multiple asset classes.

Bitcoin is up by 5% from yesterday’s lows.

Similarly, Ethereum has posted 5% gains and is currently trading at $133 up from a low of $126 yesterday.

Eth has moved up with Bitcoin today.

XRP is lagging behind posting only a 2.5% gain in USD.

XRP is not performing as well as other cryptos today.

All in all the market is up but for how long?

Only a month or so ago Bitcoin’s price increased by over 40% in a single day because of an blockchain favourable announcement by President Xi of China.

The price has since fallen to a low of $6500 and although today’s gains are bullish, on the macro charts Bitcoin still appears to be on a downtrend but many experts believe a reversal could be close.

Bitcoin is on a downtrend over larger timeframes but a reversal could be close.

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