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Bitcoin Price Goes on Double-Digit Growing Spree for Third Week in a Row
The price of Bitcoin, the number one cryptocurrency by market capitalization, has been steadily rising since April 2. Recently, BTC marked the third consecutive week of double-digit price gains, its first time since December 2017, when BTC reached its ATH of $20,000.
Yuri MolchanAnother bull market?
As reported by U.Today, the Bitcoin price retraced to the $6,100 level, which was allegedly caused by market manipulations. It took very little for the coin’s price to rebound, and it closed the week on a high note, hitting almost $8,300 on Sunday.
Bitcoin has just fallen below the $7,800 level, which confirmed another price correction. At press time, BTC is sitting at $7,689, already recording a 3 percent drop over the last 24 hours. If this bearish trend persists, the BTC price could eventually dip back to the $7,200 level before it pumps again.
Jack ThomasThe looming ETF decision
The fact that there is bullish bias indicates that Bitcoin could be well-positioned to extend its streak of impressive weekly gains with $8,500 being a realistic target. If the SEC delays its decision on the VanEck ETF application on May 21, it won’t probably have a major impact on the Bitcoin price. In case it gets approved/rejected, one should expect an enormous level of volatility in the market.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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