NEW YORK: Bitcoin’s price soared over the psychological level of $7,000. For most of August, it has been hovering within the $6,000 bracket. Back in July, it rose to over $8,000 for the first time in months. This was following news that the SEC was thinking of approving the first Bitcoin ETF.
Momentum indicators suggest that this latest rally has a further run to make. In addition to posting a 50-day moving average, according to Bloomberg, it suggests that the Divergence Analysis Inc.’s (DVAN) Buying and Selling Pressure Indicator is moving higher.
Fellow crypto assets Ethereum, XRP, Bitcoin Cash, EOS, Stellar, and Litecoin has also seen positive runs.
While Bitcoin’s price remains far from its mid-December value of nearly $20,000, it is still trading higher than this time last year. In August 2017, it was valued at over $4,600, according to CoinMarketCap. At the time of writing, it is trading at $7,081.