- Bitcoin price showed significant activity in the past day.
- The cryptocurrency’s daily trading volume surged by 12% according to CMC data.
The crypto market has shown a revival in the past few days after the August first weekend market crash. Notably, the overall market cap has increased by 6.50% while the daily trading volume exhibited slight declines. Leading cryptocurrency Bitcoin showed notable surges over the past day as the present positive momentum drove prices to the $60K level.
According to CMC data , BTC prices increased by 5.59% over the last 24 hours. Additionally, the token surpassed $61K momentarily during the day before consolidating at the $60K level. Moreover, Bitcoin’s daily trading volume has surged by 12%. At the time of writing, the token was trading at $60,681.
Zooming out, over the past week the token shows a price performance of 6.42% decline owing to the aforementioned market crash. The most recent dip caused Bitcoin prices to plummet below $50K, causing market analysts to expect prices to go down to $40K .
BTC/On the other hand, despite Bitcoin’s recent price hike, its market sentiment still leans towards selling. This is indicated by the RSI standing at 47.08. Additionally, the token’s short-term 9-day MA stands below the long-term 21-day MA indicating the overall bearish trend as per TradingView reports .
Bitcoin 24H Price Analysis
In the last 24 hours, Bitcoin has shown intriguing movements in its price activity. In the Asian evening hours of August 8, BTC was trading at $57,140. However, as the day progressed, it sparked bullish candles and prices reached an intra-day high of $62,798. On August 9, the token showed slight dips as prices slid back to $60K levels. Presently, Bitcoin has managed to sustain prices at these levels.
Notably, if the token manages to sustain the positive momentum it might rally to reach the $70K level. Furthermore, according to Grayscale’s recent market report, Bitcoin is expected to re-test its ATH of $73,750 if the US economy avoids a recession in its downfall. Additionally, it also stated that the token’s rally might occur if the economy exhibits a ‘soft landing’.
Meanwhile, the US Spot Bitcoin ETFs have shown inflows in the past day. The digital assets previously recorded significant outflows as per Sosovalue data.
