At What Level Do Institutional Buyers Join The Bitcoin Rally?

August 2, 2018

 

Bitcoin bulls are losing control again and the bitcoin price is back where the rally took off. The rally started on July 13, when the price formed a low of 6081 and there were some serious concerns that the price could break below the $6,000 mark. The bitcoin price started to consolidate from July 19 to July 23 and traded in a range of $7,236 to $7,780. It was on July 25 that the bitcoin price reached a high of $8,480, making investors confident about the possibility of touching $10,000. However, the price retraced from this level and we are back in the consolidation range mentioned above. Bitcoin (BTC) is down 2.38% over the past 24 hours and is currently trading at $7,575.28 on Coinbase. BTC dominance is at 48% and the total cryptocurrency market cap is down 1.45% and is currently at $271 Billion.

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