Bitcoin price weekly analysis 2 July: Small steps have seen Bitcoin recover slightly

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Bitcoin has had an improved week as the market tries to make a recovery.

Key takeaways

  • A couple of steps up have seen bitcoin make gains in excess of 5% over the last week.
  • Overall, the last week points to positivity.
  • Traders are coming back as trading volumes are on the rise

Bitcoin has made a slight recovery this week, after a couple of weeks of damaging trading. Its price made a modest 5.2% gain over the last week but still has a long way to go before it reaches the $10,000 level we saw a couple of months ago.

Over the last week, BTC traded predominantly within two narrow ranges. Until Friday, it stayed between the $6,100 and $6,200 level most of the time. A small dip on Friday dragged it to around $5,900 before a pair of green candles were lit, driving the price to $6,400 where it stayed until a few hours ago.

Another candle was lit then, taking the price up to around $6,700, before the price dipped slightly to sit just below $6,600.

24-hour trading volumes were flat before the weekend, sitting at around $3.5 billion. They rose a little when the price dipped on Friday and then rose to around $4.8 billion as buyers took advantage of the low price. They dipped to around $4 billion before another short peak of $5.5 billion when the price jumped again a few hours ago.

While cryptocurrency markets are often characterised by their volatility, bitcoin has been a little different. Looking at the last month, it has spent extended periods trading in a relatively narrow range before taking a step – predominantly downwards over recent weeks – and then settling back into a range.

 

 

AuthorTemitayo Olojede , temity@bitkonga.com

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