Bitcoin Eyeing $8,000: 5 Factors Pushing BTC Prices Higher This Week
Another series of encouraging signs is seeing Bitcoin cling to higher prices, possibly recovering the $8,000 level.
Bitcoin (BTC) is within less than $400 of the $8,000 range - and as the price has shown in the past, a few hundred dollars could be vaulted within an hour. There are some indications that for BTC, the price may continue to inch up, or even vault the level in a very short burst of trading.
Indicators Potentially Driving BTC Prices Higher
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Bitcoin Price Dominance: Within hours this Monday, the market capitalization dominance of Bitcoin moved up from 42.5% to more than 45%. This may mean altcoins are not in fashion, while BTC prices are climbing at a faster pace.
https://twitter.com/cryptomocho/status/1021340099546624005
While some altcoins are de-coupled from BTC prices, others are easily sold to increase BTC holdings. The rising price dominance of BTC is seen as a sign there is more interest concentrated on the leading coin. - Miners Follow the Money: Bitcoin mining is at an absolute record, above 46.8 million TH/s. This inflow of new mining power, with more efficient machines and hash rates reaching 22 TH/s per machine, shows that miners trust their profitability potential. When BTC prices were falling, there were concerns that mining would become unprofitable. But despite the bear market, mining has continued at a faster pace, achieving both short-term and long-term goals.
- Trading Picks Up: Bitcoin is becoming more popular, with trading increasing to 33.24% of the total market in the past 24 hours. The most active pairs are against the Tether (USDT) token, showing an inflow of funds from the fixed-price token into the new asset, as bullish attitudes return. BTC daily volumes are now closer to $5 billion in 24 hours, enough to effect a price change and show a return of buying.
- Expectations of an ETF: For US-based investors, inflows from institutional money are still expected, especially if an ETF is approved on August 10. This longer-term expectation may keep up optimism in the coming days. For now, speculation about the BTC market price is based on some technical analysis, as well as the proximity of the $8,000 level. But additional irrational optimism may add to the price hype.
Neither the author nor the publication takes any responsibility or liability for any investments, profits or losses you may incur as a result of this information. Cryptocurrency trading and investing is risky and market participants are advised to always conduct a thorough research.
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