The BTC markets have gained approximately 30% in two weeks, with prices currently sitting at $8,300 USD after roughly 48 hours of consolidation above $8,000. After producing gains against the dollar, many other leading cryptocurrency markets have continued to produce inverse correlation when measured against BTC.
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BTC Consolidates Above $8,000
The price of Bitcoin Core (BTC) has gained roughly 30% in the last two weeks following the strongest fortnight of trading since April. Ten of the last thirteen days have produced red candles, with prices rising from approximately $6,200 to $8,200 as of this writing. The last two weeks of trading have also produced a notable spike in daily volume, with the 24th of July producing the highest trade volume for BTC/USD on Bitfinex since the 25th of April.
BTC/USD – Bitfinex – 1D
With the markets appearing to have established an immediate bull channel, many analysts are expecting that FOMO leading up to the United States Securities and Exchange Commission’s determinations regarding Chicago Board Options Exchange (CBOE)’s proposed bitcoin exchange-traded fund may drive the BTC markets to test resistance at approximately $10,000. Should the immediate trend fail, the markets will likely drop to retest the local support areas of either $7,500 or $6,800.
BTC currently has a market capitalization of $142 billion and a market dominance of nearly 47%.
BCH Gains Over 25% in Two Weeks
Bitcoin Cash has also enjoyed a bullish fortnight of price action, with the BCH markets gaining approximately 28% since testing support at roughly $660 on the 12th of July. Since then, the BCH/USD markets appear to have begun to form an ascending triangle formation – with current prices sitting at approximately $830
