Bitcoin over $7,000 again – the trend points upwards

Bitcoin over $7,000 again – the trend points upwards.

Image source: Shutterstock / Trijo News

Totte Löfström

totte.lofstrom@trijo.co

For the first time since the 7th of August, bitcoin is trading at a price above $7,000.

The bitcoin price has been going up during the last week. Now, the largest cryptocurrency, which accounts for 52.93 percent of the total market cap of all cryptocurrencies, is again trading over $7,000.

What distinguishes the past week’s gains from previous increases in the past six months is that growth is fairly moderate and on a steadily rise. Previously, the trend has been more linked to individual buy or sell orders, which have been shown in the form of straight candlesticks up or down. During the last week, the trend has been more gradual.

This could be a sign that the market is slowly regaining confidence in cryptocurrencies, something, among other things, the Swedish finance blogger Sharkweek has written about.

Bitcoin over $7,000 again.

Image source: Bitstamp

Looking at the development from a technical analysis perspective, it is worth noting that the resistance levels upwards for the price are around $7,100, $7,500 and $7,700.

The resistance levels upwards for the price are around $7,100, $7,500 and $7,700.

Image source: Bitstamp

Many in the crypto community is now hoping that this is a sign that the 2018 bear market has finally come to an end, but if that is actually the case remains to be seen.

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