After the market crisis over the August first weekend, the crypto market has rebounded, with the total market capitalization climbing by 6.50% and daily trading volume showing small decreases.
Bitcoin, the dominant digital currency, has experienced substantial price increases, surpassing the $60,000 mark. The daily trading volume of Bitcoin has had a significant increase of 12%, while its price performance has seen a fall of 6.42% in the past week.
Nevertheless, even with the recent increase in price, the prevailing market mood for Bitcoin remains inclined towards selling, as evidenced by the RSI value of 47.08. The 9-day moving average (MA) is currently lower than the 21-day MA, suggesting a negative trend in the short term.
Bitcoin has exhibited notable price fluctuations in the past 24 hours, reaching a peak of $62,798 on August 8. If Bitcoin sustains its favorable trend, it has the potential to surge and attain the $70K threshold.
According to Grayscale’s latest market report, Bitcoin is expected to reach its all-time high (ATH) of $73,750 again if the US economy manages to avoid a recession and demonstrates a’soft landing’.
