Bitcoin (BTC) Price Analysis - August 8

Lloyd Doyle
August 10, 2018

Last year, Bitcoin's market share peaked at around 86%, but at the beginning of 2018, this was down to around 36%.

Major cryptocurrency exchange platform and electronic wallet service provider, Bittrex recently announced that they have plans to launch Dollars trading pairs for the two new cryptocurrencies which will be supported on their platform including Ripple (XRP) and Etherium Classic (ETC).

The volume needs to pick up in order for the price to pick up due to simple supply and demand, and if it does not, there is a chance that Bitcoin could head towards $6,000.

Ethereum Classic is becoming a trending cryptocurrency after Coinbase launched ETC trading on Coinbase PRIME and PRO platforms recently.

The ups and downs in the prospects of a Bitcoin ETF have rocked cryptocurrencies. On the flip side, a downside break below the $6,139 low and the $6,100 support puts the price at a risk of trading to a new yearly low.

Over to Ripple or XRP, Ripple has had a fairly good Thursday as it has managed to get a whole 0.35% more today than previously and has built itself up from this week's trading price of $0.320. Most altcoins have also posted significant price dips today as well.

This information was shared within all accounts who may be eligible for U.S. dollar markets but has not yet been enabled for USD trading.

According to Newton, while investors continue to be frustrated by the developments on the BTC ETF front, the SEC is unlikely to approve any filing unless the necessary custodial tools are in place. However, RSI levels (24.5) show extremely oversold conditions and there could be a small uptick if prices sink lower. At this time last week, Bitcoin was trading around $7,636 but has now dropped to its current level at $6,532. The top currency swapped for BCH today is tether (USDT) with 54 percent of today's BCH trades. Tether is followed by BTC (26%), United States dollars (10.9%), QC (2.2%), and ETH (2.1%).

From the 4-hour chart, the BTC price made a partial bullish movement before its eventual bearish breakout.

Looking at the chart, BCH price is slowly recovering, but it won't be easy for buyers to push the price above $610 in the near term. The price fell from $7,142.03 to the low of $6,456.10.

While many expected Bitcoin to recede into obscurity as 2018 moved forward, Lee added that Bitcoin's recent resurgence suggests that Bitcoin still holds the coveted position as the most reliable cryptocurrency investment.

Other reports by Iphone Fresh

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