Crypto Traders Discuss Whether Bitcoin Price Can Dip Below $10K Again
Cointelegraph
Published Aug 19, 2020 10:05AM ET
Updated Aug 19, 2020 11:40AM ET
The price of Bitcoin (BTC) has increased by 28% in the last 30 days and 36% at the weekly peak. Following the top cryptocurrency’s first breakout above $12,000 since September 2019, the sentiment remains optimistic. Many fundamental factors point toward an extended Bitcoin uptrend over the long run. Bitcoin has a favorable macro backdrop with the decline of the United States dollar and the rising demand for gold. The premier cryptocurrency has continuously rallied with the U.S. stock market and gold, demonstrating a consistent increase in appetite for BTC.
Bitcoin also has strong technical factors buoying the sentiment around the entire cryptocurrency market. The hashrate of the Bitcoin blockchain network is at an all-time high once again, which suggests a stable mining industry. The closure of BTC’s weekly candle above $11,900 indicates a strong uptrend following weeks of consolidation in June.
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Written By: Cointelegraph
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