This week is great for Bitcoin’s price – and we are more than confident that we are in a bullish run. After the flagship cryptocurrency surged 10% in only 30 minutes, many people were confident that a new spike in the volume is coming.
In a single hour, the price of Bitcoin, Bitcoin Cash, Ether, Ripple, and EOS all increased in the range of 6% to 10% – and the total crypto market valuation rose to $292 billion from $272 billion. This marked a $20 billion rise, which according to many, was “just what the market needed.”
The corrective rally began on the evening of July 17th. What started as a big push saw many major digital assets spiking by large margins. Bitcoin and EOS were the best performing cryptocurrencies, rising by nearly 10% in a short period of time.
The last time Bitcoin spiked by 10% was April this year when the price went from $6,900 to $8,000 and afterward corrected. However, the beauty of this rise lied (and now lies) in Bitcoin’s ability to test the $10,000 margin.
So, right now the question is simple…
Will the price of Bitcoin pass $8,000 soon?
According to analysts, if it does, it might replicate the same movement as in April this year. However, if it stabilizes around $7,400, it is more than certain that it may try the major support levels between $8,000 and $9,000 next week.
The low volume was the main issue with the crypto market in the past two months. The short-term rally that occurred yesterday was supported with a large spike in volume, which is another good news – mostly because of the recent happenings and Goldman Sachs’ decision to hire a new CEO that is more keen on Bitcoin than his predecessor.