On Sunday, the bitcoin price increased by almost 5% to hit the $7700 mark following a slow day trading between the $7400 and $7500 level. The reason behind this unexpected rise can possibly be as a result of an increase in the number of investors transferring their money from other cryptocurrencies and investing them into the dominant currency.
The bitcoin price was trading at about $7660 at 9 am CEST on Bitfinex. In the meantime, other coins are making low gains but Ethereum is still making a decent trading at about $466 while Ripple and Litecoin are still trading steadily at the $0.46 and $86 levels respectively.
Based on analysts, this indicates that there is a bullish prediction around the corner for bitcoin price. A sell-off could lead to the opposite side even though the slight increase in volume which nearly hit the $1 billion level across all exchanges could eliminate that chance immediately.
Yet, id the present movement persists, it is possible that the 55-period-EMA to go above the short-term averages once more, resulting to another likely bullish setup as it draws closer towards it next psychological goal of $8,000. If reaching that goal is successful, then the price could go higher to the $10,000 mark in a relatively short period and possibly influence other coins.
Other currencies which also made significant gains during the past week also did well over the weekend. Stellar Lumens increased by about 8% on Sunday and on Monday increased further to trade around $0.30 while Cardano increased by about 7% to trade around $0.18. NEO remains low and recorded a mere 1% increase over the last day to trade around $34. Litecoin also went through an increase of about 3% to trade around the $85 level targeting the $90 level.