Bitcoin appears to have started enjoying the summer period. The top-ranked cryptocurrency has been slowly recovering over the last week. This positive price movement comes after a tumultuous June where it twice fell below $6,000 setting consecutive 2018 lows in the same month.
Bitcoin Clocks Two-Week High in a Five-Minute Spike
Bitcoin has broken the $6,700 mark after a few days of hovering above the $6,500 mark. This price level is particularly significant given that it was the first drop level after the 10 percent dip in mid-June 2018. Many analysts had identified $6,700 and $6,900 as crucial resistance points in the march towards $7,000.
BTC began the day trading just above the $6,500 mark before spiking to $6,700 in a little under five minutes. This figure represents a two-week high for the much-beleaguered top-ranked cryptocurrency. By jumping ten percent today (July 4, 2018), BTC has now brought its seven-day price gain up by ten percent.
Since the spike, BTC has experienced a minor price pull-back. However, it is still holding steady above the $6,700 mark. Bitcoin enthusiasts will be hoping for another significant price spike in the hopes of crossing the $7,000 threshold.
Top Ten Cryptocurrencies Posting Positive Price Movements
BTC isn’t the only positive gainer in the market today. All but one of the top ten cryptocurrencies based on market capitalization have all recorded positive 24-hour price movements. IOTA, ranked number ten is the biggest gainer in the group, jumping more than five percent in the last 24 hours.
Outside the top ten, NEO is also having an excellent trading day – up by almost 6 percent. The price spike has been linked to a mysterious NEO tweet posted yesterday (July 3, 2018).
Relief Rally or Sustained Bull Run?
The big question now is whether the recent gains in the cryptocurrency market signal the start of a sustained bull run or it is only a relief rally as some analysts have claimed. The cryptocurrency market has endured a tough 2018 declining by more than 50 percent of its all-time high set in last days of 2017.
The slow pace of adoption, as well as crippling regulatory provisions, have stifled the growth of the market. Incessant cryptocurrency exchange platform hacks haven’t also helped the situation. The coming days and weeks may provide some insight into what the second half of the year holds for cryptocurrencies.
Do you think this is the start of the BTC price bull run? What is your third quarter price prediction for the top-ranked cryptocurrency? Keep the conversation going in the comment section below
Image courtesy of CoinMarketCap.