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The price of Bitcoin has broken out of a three-year descending trendline - Forbes

Global IndexesAug 3, 2020
The price of Bitcoin has broken out of a three-year descending trendline - Forbes
In the past 12 days, the price of Bitcoin has increased from $9,200 to $12,000, marking the highest price in over a year. The cryptocurrency market is benefiting from the strong momentum of Bitcoin and Ethereum’s Ether. But still, it posts massive volatility as Bitcoin price suddenly crashed by roughly $1.4K in minutes to $10,600 and rebounded slightly as weekend volatility continues yesterday. Cryptocurrency trader Scott Melker said there were many bearish divergences prior to the drop occurred. After such a strong rally in a short period, the market seemingly needed to stabilize from an overheated rally.

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