Bitcoin Price Climbs Above $60K Fueling Positive Market Sentiments

• Bitcoin price surpassed the $60K level yet again in the last 24 hours. 
• The cryptocurrency’s daily trading volume surged 48.31% according to CMC data.

The cryptocurrency sector has fallen short of analysts’ predictions since July. Market analysts expected the H1 bullish momentum to sustain in the second half and propel prices further. However, the crypto market witnessed tremendous crashes twice in the past few months, causing prices to plummet to previous support levels. 

Notably, the largest cryptocurrency Bitcoin price surpassed the $60K resistance, yet another time in the last 24 hours. In the Asian early hours of August 19, the cryptocurrency traded at a low of $58,404. As the day progressed, after a brief slide to the $57K level, BTC began sparking greenish candles. Moreover, the token’s positive momentum has caused quite a stir in the market. 

While the crypto market has shown an overall recovery in both market cap and daily trading volume, Bitcoin price also showed surges. Its daily trading volume surged 48.31% while the market price escalated 4.48%. At the time of writing, BTC was trading at $60,980 according to CMC data. 

However, over the past few weeks, the token has attempted several times to initiate a trading cycle that holds prices above the $60K level but failed. As a result, market analysts are expecting Bitcoin to hit its previous resistance at the $65K level before it can combat bearish takeovers. 

Bitcoin (BTC) Price Weekly Overview 

In the last 7 days, Bitcoin has shown a price performance of 3.09% increase. This modest hike is due to the aforementioned trading cycles initiated by the token to combat the bears. At the beginning of the week, the token was trading at a low of $58,971. 

However, as the week progressed BTC showed high volatility and momentarily slid to a weekly low of $56,161 on August 15. Following this, the token showed recovery and struggled to surpass the $60K resistance until the past day. 

Meanwhile, Bitcoin’s current short-term 9-day MA still stands below the long-term 21-day MA suggesting the overall bearish trend. However, the token’s RSI stands at 51.05 indicating a buying sentiment in the market as per TradingView reports. 

Finally, other cryptocurrencies such as Ethereum and Solana have also shown modest price increases in the last 24 hours.