On Monday, August 10, the price of Bitcoin rises. At the time of posting this article, the first cryptocurrency is trading at $11,985.8 (+ 2.44%). Bitcoin briefly jumped above $12,000 in the morning.
Ethereum rose in price to $396.12 (+ 0.3%). XRP rose 0.33% to hit $0.295.
Bitcoin touched $12,000 on Monday morning and then faced some resistance. Over the past day, BTC has grown by more than 2%. For most of last week, the benchmark cryptocurrency consolidated at $11,500. Continued gains seem likely, although technical indicators point to persistence in the oversold area.
Thus, the “index of greed and fear” has steadily remained in the “extreme greed” area since the beginning of the month. The RSI is balancing near the “overbought” area. Nevertheless, as we can observe, this does not stop Bitcoin from demonstrating attempts to cautiously return to testing the next important psychological and technical price level.
The continued activity of Bitcoin miners keeps the hash rate near the all-time high, confirming the confidence in the prospects of the first cryptocurrency. In addition, the third Bitcoin halving that happened in May is also a fundamental support factor. Although the participants in the crypto market did not expect an instant result, they still predict a positive effect to develop within a few quarters after the halving.
