Bitcoin[1] (BTC) has seen solid growth to break back above the $7,000[2] mark today, August 7. The overall crypto market is seeing a healthy flush of green, rallying forth after the weekend’s losses[3], as data from Coin360[4] shows.
Market visualization from Coin360[5]
Bitcoin[6] (BTC) is trading around $7,118 at press time, up around 2.5 percent on the day. After several faltering attempts to break past the $7,000 threshold yesterday, the leading cryptocurrency has today seen a sustained uptick as of very early trading hours. Today’s growth has not yet pushed the coin’s weekly price change back into the green, however, which still remains at around an 8 percent loss. On the month, Bitcoin is now up almost 9 percent.
Bitcoin’s 24-hour price chart. Source: Cointelegraph Bitcoin Price Index[7]
Fundstrat’s head of research and well-known Bitcoin bull Tom Lee today used his firm’s recently launched[8] Bitcoin Misery Index (BMI) to evaluate[9] the coin’s current market momentum. The index determines that any value below 27 signals promising future returns, while 68 is set as a “time to sell” misery threshold. With the index presently at 39, Lee said:
"Bitcoin isn't broken if it's holding at these levels. I think people are afraid it is going to go back down to $6,000 and never come back from those bear markets.”
The analyst also noted the recent uptrend in Bitcoin dominance by market capitalization, which as of press time is pushing 48 percent[10]. In late July, BTC dominance had surged to 2018 record-highs[11], hitting levels not seen since last
