After holding above US$7,200 for more than three days,
Bitcoin’s (BTC) Bitcoin’s price has jumped 1.3% to US$7,337at press time, according to the latest data from
Einstein Exchange.
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August was a relatively positive month for crypto enthusiasts as BTC achieved a reasonable level stability to its ever-fluctuating price. Throughout the last week of August, Bitcoin’s price hovered around the US$7200 price point.
The crypto market hasn’t shown any major price fluctuations since Sunday. This could be attributed to the fact that the markets lack momentum and volume in BTC,
Ethereum (ETH), and other major digital coins.
According to Forbes, the current mild bullish trend could be taken as a positive indicator of a stronger mid-term rally. It also demonstrates that the recent recovery is here to stay and the chances of any major trend reversal remains unlikely.
Based on the movements recorded since January 2018, the short-term rally of Bitcoin from the US$6000 price point to the presentUS $7300 level shows that BTC may soon test the resistance levels at US$7500 and US$8000. The
Moving Average Convergence Divergence (MACD) reversal suggests that US$8000 may be the next short-term target of BTC.