The price of Bitcoin has experienced a bullish surge, rising by 3.58% in the past day. In addition, the daily trading volume of the cryptocurrency has increased by 5.64%. Bitcoin, being the largest cryptocurrency, has been the center of attention for the community over the past two months due to its price activity. However, external factors have had a negative impact on Bitcoin, resulting in significant price drops and volatility. The decline in BTC price led to a major crash in the crypto market at the beginning of this month.
Two prominent external factors that contributed to the price dip were the German government’s sell-off of BTC and the transfers from Mt. Gox. As a result, the price of Bitcoin, which was previously trading at $69K, dropped to levels as low as $57K. However, in the following weeks, Bitcoin showed resilience against the German government’s selling and prices began to recover. Currently, the token has regained its position above the $60K level and is displaying signs of bullish trends.
According to reports from TradingView, the digital asset has experienced a weekly price increase of 13.32%. Furthermore, Bitcoin’s RSI (Relative Strength Index) stands at 63.60, indicating a strong buying sentiment in the market.
In the last 24 hours, Bitcoin reached a 3-week high of $66,136 before experiencing a slight price dip triggered by internal transfers from Mt. Gox on July 16. The cryptocurrency firm moved some of its BTC holdings to an internal wallet, causing the price of Bitcoin to slide down to the $62K level, with an intra-day low of $62,389. However, Bitcoin started to recover its prices later on July 16 and showed signs of upward price movements on July 17, with a 3.58% daily price increase.
The upcoming transfers from Mt. Gox have caused uncertainty in the price of Bitcoin. Nevertheless, market analysts remain optimistic and expect Bitcoin to resist price drops caused by these transfers, predicting further bullish movements for the token.
In other news, there is speculation about whether Trump’s pro-crypto stance will have a significant impact on his campaign.
