Bitcoin Back Above $6,700 as Price Reaches Two-Week High

2018-7-5 22:54

Amidst the recent cryptocurrency price gains, Bitcoin has managed to pass the $6,700 price mark. The number one cryptocurrency based on market capitalization has reached a new two-week high in the process.

Bitcoin Sets New July 2018 High

Bitcoin is back above the $6,700 mark, today, July 4, 2018. BTC last traded above this level two weeks ago. A series of sudden dips have seen the top-ranked cryptocurrency twice slide below the $6,000 mark.

At the start of the day, BTC traded at $6,500. The price has been hovering around that level for a few days now. In a matter of a few short minutes, the price jumped to above $6,700. This positive price movement is a significant step for the cryptocurrency given that it was the first price floor identified by analysts before the mid-June slump.

Bitcoin is now up by almost 10 percent in the last week as bulls will be hopeful that the digital asset is set to make a move on the $7,000 price threshold. Since the spike of a few hours ago, BTC has experienced a slight pullback. However, at the time of writing this report, it is still hovering above the $6,700 mark.

If the price trajectory continues, the next resistance level will likely be at $6,900. After the mid-June slump, BTC lost $1,000, dropping from $7,700 to $6,700. From that point on, prices fell steadily, setting two consecutive 2018 lows in one month.

Cryptocurrency Prices Recovering from Recent Slump

Other top ten coins based on market capitalization are also enjoying a significant price run. IOTA and Cardano have increased by more than 20 percent in the last seven days. NEO which ranks outside the top ten is also doing well. Its price has jumped more than five percent over the previous 24 hours.

Bitcoin enthusiasts will likely be smiling at the recent gains earned by the top-ranked cryptocurrency in the past few days. With the first half of the year over, they will be hoping that the popular virtual currency is on the cusp of another massive bull run. In the meantime, Bitcoin has managed to recover some of its recent losses. However, its year-to-date decline is still above 60 percent.

So far, 2018 has been a tumultuous year for Bitcoin, but some analysts still believe that prices will increase in the latter part of the year. On the flip side, the current price gains might be a relief rally with another slump around the corner.

The post Bitcoin Back Above $6,700 as Price Reaches Two-Week High appeared first on UNHASHED.

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bitcoin price 700 high above two-week back

Источник: unhashed.com

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