Bitcoin has shown a good rally today after showing a strict non-volatile behavior over the last week. For some analysts, a major breakout is imminent, but some are making out bullish speculations for the short-term.
At press time, the top digital asset is trading at $9,380 with 2.47% change in the past 24-hours. The price value reached above $9,400 today, which was last seen on July 9.
The bullish sentiments in the crypto markets today may be due to the price rally in the US and EU equity markets. The new round of $1 trillion stimulus package is in the process, claims U.S Treasury Secretary Steven Mnuchin. Similarly, EU leaders announced the $750 billion package to revive the economy affected by the Coronavirus pandemic.
Famous crypto trader Michael van de Poppe seems optimistic about the leading digital asset:
“We’ve got our breaker and bullish move here, as the market is showing strength. I don’t think $BTC will accelerate, as it’s just still hopping around.”
Recently, the crypto data firm Santiment reported that the volume of Bitcoin has plummeted in recent weeks. Today, movement is called fakeout, which happens when declining volume coincides with an uptrend.
“BTC’s overall trading volume continues to slide, and with so much focus on altcoins currently, Bitcoin’s trading volume hitting a daily value of $12.25B Saturday marked the lowest single-day value since October 5, 2019 (a 9.5-month low),” Santiment added.
Another crypto trader and analyst Philip Swift found out that Bitcoin’s two-month range happened above 200-day MA that is bullish for Bitcoin. He said:
“Promising little pump this morning. I suspect this will be the week we finally break out of the dreaded range.”
Lowest Monthly Price Range
Before BTC’s jump above $9,400, it was making a monthly lowest price range, claims Arcane Research. It said:
“With only 11 days left of July, we’re currently seeing the tightest monthly price range in Bitcoin’s history! We have never seen a price range this low (currently 6%), with the all-time low being 9% from May 2015.”