- Bitcoin price showed significant activity in the past day.
- The cryptocurrency’s daily trading volume surged by 12% according to CMC data.
The crypto market has shown a revival in the past few days after the August first weekend market crash. Notably, the overall market cap has increased by 6.50% while the daily trading volume exhibited slight declines. Leading cryptocurrency Bitcoin showed notable surges over the past day as the present positive momentum drove prices to the $60K level.
According to CMC data, BTC prices increased by 5.59% over the last 24 hours. Additionally, the token surpassed $61K momentarily during the day before consolidating at the $60K level. Moreover, Bitcoin’s daily trading volume has surged by 12%. At the time of writing, the token was trading at $60,681.
Zooming out, over the past week the token shows a price performance of 6.42% decline owing to the aforementioned market crash. The most recent dip caused Bitcoin prices to plummet below $50K, causing market analysts to expect prices to go down to $40K.
BTC/USD Daily Price Chart (Source: TradingView)
On the other hand, despite Bitcoin’s recent price hike, its market sentiment still leans towards selling. This is indicated by the RSI standing at 47.08. Additionally, the token’s short-term 9-day MA stands below the long-term 21-day MA indicating the overall bearish trend as per TradingView reports.
Bitcoin 24H Price Analysis
In the last 24 hours, Bitcoin has shown intriguing movements in its price activity. In the Asian evening hours of August 8, BTC was trading at $57,140. However, as the day progressed, it sparked bullish candles and prices reached an intra-day high of $62,798. On August 9, the token showed slight dips as prices slid back to $60K levels. Presently, Bitcoin has managed to sustain prices at these levels.
Notably, if the token manages to sustain the positive momentum it might rally to reach the $70K level. Furthermore, according to Grayscale’s recent market report, Bitcoin is expected to re-test its ATH of $73,750 if the US economy avoids a recession in its downfall. Additionally, it also stated that the token’s rally might occur if the economy exhibits a ‘soft landing’.
Meanwhile, the US Spot Bitcoin ETFs have shown inflows in the past day. The digital assets previously recorded significant outflows as per Sosovalue data.
