Bitcoin’s price has experienced a bullish surge, rising by 3.58% in the past day. The daily trading volume of the cryptocurrency has also seen an increase of 5.64%. Over the past two months, Bitcoin has been the center of attention in the crypto community due to its price activity. External factors have had a significant impact on Bitcoin, leading to price plunges and volatility. The selling of BTC by the German government and Mt.Gox transfers were the main causes of the price drop. Bitcoin, which was previously trading at $69K, plummeted to $57K levels as a result.
However, in the weeks that followed, Bitcoin started to recover and showed resilience against the German government’s selling. Currently, the token has regained its position above the $60K level and is displaying signs of bullish trends. According to TradingView reports, Bitcoin has seen a weekly price increase of 13.32%. The digital asset’s RSI stands at 63.60, indicating a strong buying sentiment in the market.
In the past 24 hours, Bitcoin briefly reached a three-week high of $66,136. This recent bullish takeover is further confirmed by the short-term 9-day MA crossing the long-term 21-day MA. At the time of writing, Bitcoin was trading at $65,691 according to CMC data.
On July 16, Bitcoin experienced a slight price dip due to internal transfers by Mt. Gox. The crypto firm moved some of its BTC holdings to an internal wallet. During this movement, the BTC price dropped to the $62K level, reaching an intra-day low of $62,389. However, Bitcoin started to recover its prices later that day and showed upward price movements on July 17 with a 3.58% increase.
The upcoming Mt. Gox transfers have caused some uncertainty in Bitcoin’s price. Nonetheless, market analysts remain optimistic and expect Bitcoin to resist price drops caused by the transfers, predicting further bullish movements for the token.
In other news, there is speculation about the impact of Trump’s pro-crypto stance on his campaign.
