Bitcoin went bravely ahead for scoring a new high for the year 2019 by reaching 12,000$ per one unit as the top one cryptocurrency managed to break the resistance of 12k USD before dropping once again to touch the value of 11,724$ concluded with August 6th. Last week, concluded with August 5th and starting from July 29th, 2019, BTC managed to score 22% against the fiat, that way representing the top two spiking crypto of the week among the competition of top 20 cryptocurrencies.
As another week is progressing forward, Bitcoin sank by -2.53% in the course of the last 24 hours as seen on the charts for August 7th, still showcasing returns of over 17% for the 7-day period despite the recent drops.
What to Expect from Bitcoin (BTC) in the Following Period?
With a trading volume of over 19 billion dollars in the period of the last 24 hours as concluded with August 7th, Bitcoin still seems to be on the right track despite the fact that the top crypto suffered a drop by over 100$ per one BTC unit on the same day.
Bitcoin went on a serious rise more than 2 months ago when the top crypto took on a positive momentum, also pulling the rest of the market with it, and regaining at least a portion of trust from investors. Still, many consider that BTC can’t be a safe haven for investors even crypto enthusiasts as the cryptocurrency market is considered yet to adopt a stable pace of trends.
BTC is still far from its all-time high of around 20k US dollars back when the entire market went on a major rise at the end of 2017 and the beginning of 2017, however, 11,600$ per BTC appears to be one of the highest scores for Bitcoin since the major downfall back in November 2018.
Despite the recent daily drop, it can be expected to see Bitcoin breaking the resistance of 12,000$ at least by the end of the year based on the previous performance of BTC in the last several months. Analysts even consider that BTC would be able to get close to 13,000$ at an accelerated rate in case the top crypto would go over 12,000$ in a bull run.
Why is Bitcoin Rising?
Bitcoin, alongside the rest of the cryptos in the cryptocurrency market, is considered to be highly unstable, which has been proven and confirmed more than once having the top crypto rising and falling from 20,000$ to below 6,000$ in the matter of a single year and less.
This instability has its own perks, for instance when BTC jumps by 500$ per one unit in less than a week, but no one can exactly say when BTC will rise or fall. As suggested by some analysts, the most recent surge of Bitcoin might be contributed to the fact that China decided to increase rates on their native currency, having BTC becoming an alternative for people who are using yuan.