Following last weeks price drop – which saw prices fall as low as $9,320 USD – Bitcoin ($BTC) has seen a return this week with a market share of over 70%, it’s highest in 30 months according to CoinMarketCap.
At the time of writing (September 3rd), $BTC is trading at $10,703 on DRIVE Markets, up 14.8% from last week’s low of $9,320. This follows a turbulent few weeks for Bitcoin’s price, with some attributing the recent lull, in part, to traders attending Burning Man festival in Nevada.
$BTC has continuously shifted between $9,000 and $10,000 over the past 9 weeks, with continually lower highs suggesting the market is still in the grip of bears.
However, if the trajectory of the past few days’ price increase continues – coupled with Bitcoin’s highest market share since March 2017 – it would be reasonable to assume $BTC is being bought for the long run (rather than simply to buy altcoins) and thus further price gains may be expected.
Conversely, a drop in trade volume over the coming days would likely indicate a return to below $10,000.
The best indicator of a bullish return will be next Sunday – if markets close over $12,000 then analysts anticipate the return of a bull market.