This month bears failed to break the important $5,900 mark, which filled bulls with renewed enthusiasm. Bitcoin price is now on a cautious rebound hovering at $7,000. However, the last thirty days’ change is still negative at around -10%
Despite August’s all-year lows across most assets, this nevertheless has been an exciting month for blockchain technologies. The announcement of Bakkt, SEC’s ETF decisions, and growing corporate interest all have reinforced faith in the space. Governments are turning their attention to distributed-ledger technologies with an eye to find appropriate applications. South Korea, one of the most active governments in crypto, is seeking to dedicate state funding to blockchain development.
All these positive news however do not seem to cause an immediate upward pressure, as bitcoin price is becoming more dependant on the bulls vs bear rivalry, which points to the market’s growing maturity. The last two week’s shaky upswing may be hinting at a significant long-term upward trend.
This week bitcoin reached $7,000. Yet it is too early to celebrate, for this is largely a psychological mark and people have always been fascinated with round numbers. Now bitcoin again is taking a small step back. We ought to be keeping a close eye on the market these next few days, as they may show us the new bottom.