After falling below that price level on Monday (August 6, 2018), Bitcoin has managed to rise above $ 7,000. Top ranking cryptocurrencies take a day of positive value movements for the majority of the crypto market. Experts point out as the precursor of an adjacent bull run to emerge positive market sentiments.
Bitcoin Back in the Green
At the time of writing this article, BTC is currently trading at a place above $ 7,100 instead of above $ 7,100. Merchants expect the top ranking crypto to exceed $ 7,200 level and maintain the support level. BTC has so far earned more than two per cent in the last 24 hours trading period.
Despite the current price rise, its weekly exposure in negative in the first six days of August after a substantial decline. BTC has dropped more than eight percent since the beginning of the month.
Commenting on the current market situation, fundstrat analyst and BTC bull, Tom Lee said that the increasing dominance of bitcoin on the cryptocurrency market is an indication of an impending price rally. Lee also referred to the company’s legacy Bitcoin Mechanics Index (BMI) and said that BTC is currently at 37, which is close to the 27th level which is a symbol of optimum price performance. According to Li, the recent positive development in space will start to affect the market soon.
In another development, the number of BTC ATMs in the world reached 3,500 milestone on Monday. As of February 2017, there were 1,000 ATMs worldwide, according to Coinatmradar. A large percentage of BTC ATMs are located in Europe and Asia, among other popular host areas in the United States and Canada.