- Bitcoin price has shown a bullish movement with a 3.58% increase in the past day.
- The cryptocurrency’s daily trading volume showed an upward movement by 5.64%.
The largest cryptocurrency, Bitcoin, has been the community’s prime focus in the past two months, due to its price activity. With external factors taking a toll on Bitcoin, prices showed significant plunges and volatility. The drop in BTC price led to a considerable crypto market crash at the beginning of this month.
Notably, the concurrence of the German government’s BTC sell-off and Mt.Gox transfers were the two prominent external factors that caused the price dip. Bitcoin, previously trading at the $69K level plummeted all the way down to $57K levels.
However, in the following weeks, Bitcoin showed resistance to the German government’s selling and prices began to recover. Presently, the token has regained its position over the $60K level and is showing signs of bullish trends.
According to TradingView reports, the digital asset has shown a weekly price increase of 13.32%. Additionally, Bitcoin’s RSI stands at 63.60 indicating a strong buying sentiment in the market.
Moreover, the token hit a 3-week high of $66,136 momentarily in the last 24 hours. The recent bullish takeover is further highlighted by its short-term 9-day MA crossing the long-term 21-day MA. At the time of writing, it was trading at $65,691 according to CMC data.
Bitcoin (BTC) 24H Price Analysis
In the last 24 hours, Bitcoin witnessed a slight price dip triggered by Mt. Gox’s internal transfers on July 16. The crypto firm moved its partial BTC holdings to an internal wallet according to Arkham Intelligence data.
During these movements, the BTC price slid down to the $62K level hitting an intra-day low of $62,389. Following this, the cryptocurrency began to regain its prices in the late hours of July 16. In the morning hours of July 17, Bitcoin showed signs of upward price movements with a 3.58% daily price increase.
Meanwhile, Mt. Gox transfers expected to ensue in the coming days have caused uncertainty in BTC price. On the other hand, market analysts hold positive outlooks and expect Bitcoin to resist price drops influenced by the transfers, predicting bullish movements for the token.
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