On Monday, August 5, analysts marked a continuation of Bitcoin activity. The leading crypto asset has shown explosive growth, having risen in price by $600 per day while increasing trading volumes, which may signal the mobilization of bulls.
Over the past day, BTC added more than 8%. The number one cryptocurrency is currently trading near the $11,600 mark. Trading volumes have soared 32% over the past two days. After breaking through the upper boundary of the daily trend channel in the range from 9120.00 to 9502.67, Bitcoin's upward movement took the form of a corrective local upward reversal. After the breakthrough of the resistance level, the market restored the upward movement in the short-term trend with the target at 12358.66, analysts say.
According to analysts, for a sustainable transition to the Bitcoin rally, it is necessary to gain a foothold above the $11,800 mark, which previously served as the starting point for a powerful correction of the PTS up to $9,300. Analysts believe that the crypto asset was supported by turbulence in the financial markets, in particular in China. As a result, investors actively acquired digital currency, which interacts little with traditional financial markets.
At the moment, the cryptocurrency market remains within the upward trend. Bitcoin has proven that there is an unrealized buying potential on the market, which has been actively manifested recently.
