The price of Bitcoin climbs back above the 11,000-US-Dollar-brand. With a 24-hours-Plus of eight percent, the largest crypto-currency listed according to market capitalization, currently the strongest Plus in the Top 50 of all digital currencies. How did it increase?
By Phillip Horch
5. August 2019BTC$11.742,00 9.63%part Facebook Twitter LinkedIn xing mail
The price of Bitcoin is struggling currently out of the summer hole. With a thickness of currently 11.546 US Dollar [05. August; 08:24] he is the Top Performer of the currencies in the Top 50 of the Crypto with the highest market capitalisation. The question is: What is the current price rally drives?
the Chinese Yuan is Driving the Bitcoin price to new heights?
The Chinese national currency Yuan is currently at a price of $ 0.14 and is so weak as since about ten years. This may primarily have to do with the trade war with the Trump-government. Because the US President decided only last Thursday, the 1. August, a ten-percent punitive duty on Chinese Goods that were previously not affected by it yet. The correlated temporally with the increase of Bitcoin exchange rate – since Thursday, this could win over $ 1,500 dollars. To speculate on a causal relationship, is close to being realized Bitcoin is increasingly seen as a safe-haven currency.
MasterCard shows interest in the trade with Cryptocurrency
another potential price driver can be seen currently in the home MasterCard. Because of credit card manufacturers, and payment service provider, is currently looking for employees for an emerging Blockchain-project. How TheBlock reported, suggest that vacancies strongly to the fact that MasterCard is currently working to develop a crypto-Wallet.
You may here the recent Bitcoin price rally to remember, which coincided with the news of the planned Facebook Coin Libra together. Finally, MasterCard wants to be involved in Libra.
Bitcoin Mining is in full swing
Also, the Mining of cryptographic currency currently runs with full force. According to the data of BTC.com the average Hash Rate for Bitcoin Mining in the last two weeks 71,43 trillion Hashes per second, while on 23. July 64,49 EH/s fraud. Since mid-July, the Mining Difficulty is also increased by over 10 percent.
What is this increase for the Bitcoin exchange rate means that we explain here.
Bitcoin whales are active
the so-called Bitcoin whales are active again. For example, the whale watching service, Whale Alert, reported that within the last 24 hours from different Wallets from a total of 40 million units of the stablecoins Tether USDT on the Krypowährungs-commercial space Binance wandered. It is assumed that crypto-currencies are been bought, is a rise in the crypto classes to be obvious.
Bitcoin price: The technical indicators
The technical brief analysis of Dr. Philipp Giese
On Friday, may 2. August, we have recorded:
Should be of course the moving average of the last 50 days, you can join 11.080,37 dollars in a Long Position. A first Target would be to find 12.920 US dollars, while Loss to Stop the above-mentioned moving average of past 50 days. This currently stands at around 10.500 US dollars.
This is a Long scenario. The indicators (viewed in the value of pair BTC/USD on the stock exchange Bitstamp) have also developed in a clearly bullish: The MACD is still negative, but is rising, as is the RSI. Also the Aroon Up indicator is high. So you can dare to take advantage of the current Long Position. As a Stop Loss, we continue to use the moving average of the last 50 days, which is currently 10.733,23 U.S. Dollar. The Targets are 12.920 US Dollar and 13.880 US Dollar. A Short Position should be, as on Friday, only a sustained fall below the moving average of the last 50 days of thinking. A potential Entry-Point is still in the case of a contribution of 9.427,US $ 45, while the Target is at the height of the sliding average of the last 20 weekends. This is increased slightly and now stands at 7.632,99 US-Dollar.
data and graphic from trading view.
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