Bitcoin Nears $8,000, Builds Momentum After A Few Months Of Low Trend

Jul 24, 2018 at 00:07 Update Date :Jul 24, 2018 at 00:07 UTC

Dominant digital currency Bitcoin has been constantly rising in value for the last couple of weeks, and it has continued its rally last Monday as well. With this, they have effectively shaken off all sorts of security and regulatory issues and worries that have plagued the alt-coin networks this year, having dragged down all of their prices considerably.

The biggest and most popular cryptocurrency in the world gained 5% to a new peak of about $7,785, according to new data, meaning it has gained about 20% in the last week itself. Bitcoin managed to push through the $7000 mark for the first time in a month on Tuesday, following asset-management company BlackRock’s announcement of putting in place a new working group that will explore and research altcoins and Blockchain technologies.

Grayscale, a company tasked with the management of about $2 billion in assets, released a report last week explaining how the trend towards an interest in digital currencies and their related products is on the rise among more and more financial institutions. According to Matthew Newton, an analyst and a member at eToro, this would add to the long-term benefit of Bitcoin. He also noted the huge amounts of speculation and anticipation regarding the approval of a Bitcoin ETF, on which the Securities and Exchange Commission will decide in August according to reports.

“In the long run all of these points are very bullish,” explained Newton, who is also a founder and analyst at Newton Advisor. “Technically, on the charts, what happened last week was very positive, but getting through these levels will be critical in the short term action.”

Newton also explained how he has been monitoring a line of “resistance” near the $8000 mark, and how that line has to break to make all of the value raises any meaningful. “This will truly be the ‘line in the sand’ so to speak as to whether BTC can begin a larger rally, or whether this will still take some time,” he stated.

Bitcoin still currently stands at 60% lower than that it’s $20,000 peak last December. This has been especially considering how all of the alt-coins have come under censure amid concerns of thefts, ICO frauds, market manipulation, and money laundering potentials.

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