BTC grows 4% and jumps above $ 11,600. Why did it go up?

BTC fully recovered from last weekend's slump

Bitcoin (BTC) shot up above $ 11,500 again and aims to close the week above that figure, something that hasn't happened in a year. In the last hours, the price of the main cryptocurrency by market price grew more than 3% and, at the close of this publication, it is around USD 11,661 .

The latest rally in the price of BTC ended up erasing the last drop suffered last weekend , where the cryptocurrency fell back to the 10K level, which so quickly penetrated completely.

On August 2, when the cryptocurrency rebounded above $ 12,000, bullish sentiment dominated the market and more optimistic analysts indicated potential room for growth toward the resistances of $ 14,000 and $ 17,000 .

In any case, specialists agree that - to a greater or lesser extent - the short term presents favorable signs for the crypto market . The depreciation of the US dollar would be decisive in the near future, and everyone's attention will be on it. Bitcoin, with a low profile, hopes to secure new support.

In this sense, the investor Gabor Gurbacs expressed his opinion in this regard. According to the American, the future of the national currency is not encouraging for those who use it as a store of value . "The two options with fiat money is to spend it quickly before it inflates or to put it in speculative markets artificially supported by printed money from the central bank," he said.

“Fiat money is not a savings instrument. The average person doesn't understand this, ”Gurbacs added via Twitter.  

In line with the jump in BTC, the altcoin market also presented green numbers today. Ethereum (ETH) managed to rally considerably and expects to break the $ 400 barrier in the near term. As of press time, the benchmark altcoin is trading at $ 398.

For their part, both Bitcoin Cash  (BCH) and Litecoin (LTC) grew by 3% and reached the levels of USD 295 and USD 59 . Lastly, XRP was up just 1.5% and continues to trade at $ 0.30.

The total capitalization of the market was more than recovered from yesterday's low and raised in 11 billion dollars in the last 24 hours, reaching 349 .


BTC is printing another bullish pattern, Morning Star. Confirmations are always welcome.

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Mickael Pasquier
Mickael Pasquier

Interested in the field of cryptocurrency and blockchain

Mickael Pasquier
Mickael Pasquier

Only Crypto

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