July 17 marked for bitcoin the start of a new era, perhaps. After months of predominantly downward fluctuations and steady lows, the “Big Daddy” finally managed to gain something more than just average.
On this day, BTC surged by 11% and started traded above $7,000, a price that hasn’t been seen for a month.
Bitcoin Catching Fanfares
After bitcoin’s price crashed to $6,000 in February, it managed to recover to its previous highs of $11,000 and $9,000 only in March and May respectively. Within other periods it was fluctuating between $6,000 and $7,000 when the former was in focus the most between June-July.
Unexpectedly, on July 17 at around 8:30 PM UTC bitcoin soared from $6,778 to $ 7,338, as per Coinmarketcap data. Moreover, the most valuable crypto-coin continued creeping up, getting as high as to $7,528 on July 18 at about 9:20 PM UTC.
What’s The Cause?
According to CNBC report, experts believe that the recent BTC’s “tiny” skyrocketing was related to rather technical matters than anything else. In particular, the top exec of BKCM Brian Kelly said:
"The $6,800 level was massive resistance for three weeks, and I think people were shorting against that and they just got their face ripped off," said Brian Kelly, CEO of BKCM.
In the meantime, the head and constitutor of Newton Advisors said the same causes could even make bitcoin grow even up to $8,000. He added that there aren’t going to be any news that would help the price of the “king of all cryptos” increase.
"We’re simply seeing some follow-through from recent progress in the last few days, and gradual basing out over the last month," said he.
As it is known, bitcoin found it impossible to turn to its record of $20,000 which it saw last in mid-December 2017. In the first six months of 2018, the coin has halved in price.