A fierce battle has been going on over the past few days where Bitcoin’s bulls and bears have been locked in a scenario where bulls are attempting to push BTC into the five-figure price region while bears think that the price will again go below $10,000. The latest cryptocurrency news show that the BTC price is at $10,500 and the real Bitcoin volume has climbed by more than 120% since its 2018 levels.
The price action made the direction of BTC significantly unclear. The trend in the near-term cannot be predicted, but one striking statistic about the fundamental strength of the crypto shows that bulls currently have an edge over bears.
At the time of writing, Bitcoin is at $10,507 with a 5.44% surge on the day. The real Bitcoin volume is up by 120% – an indicator that is viral on many best cryptocurrency news sites. The fact that Bitcoin escaped the $9,000 region set yesterday brings a lot of positivity in the latest news.
BTC has also found a new trading range and the lack of major momentum in one direction or another has led to a division among many analysts. Some of them are targeting BTC’s 2019 highs of $13,800 while others believe that Bitcoin is heading to the $8,800 region.
The real Bitcoin volume has been holding above a key trend line for the past several days which could allow it to climb significantly higher in the near term. According to the popular cryptocurrency analyst known for his altcoin news predictions, Chonis Trading, Bitcoin is “holding the line.” He said:
$BTC – holdin the line #bitcoin pic.twitter.com/rVWUuDEI6i
— BIG Chonis (@BigChonis) August 1, 2019
Bitcoin is also incurring some strengthening fundamentals since 2018 and it is unclear as to which direction the cryptocurrency is heading next. As the analyst Ceteris Paribus said in the wake of the real Bitcoin volume being increased:
“Monthly $BTC On-Chain Metrics over the past year. Aug 2018: Active Senders: 12.9M. Transactions: 6.7M. Real Volume: $127B. Fees: $4.7M. Jul 2019: Active Senders: 14.6M (+13%). Transactions: 10.3M (+53%). Real Volume: $279B (+120%). Fees: $21.0M (+350%).”
Despite this, no one knows how Bitcoin will respond to the aforementioned trading range. This is the crucial metric at this time – and what would signal the near-term in the short and long run.
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