(Source: Coinbase.com - Weekly Bitcoin trading graph)
It has been an interesting week for Bitcoin, hasn't it? Just take a look at the above weekly trading chart and you can see a steady incline with BTC up 9%. It's always good to see a BTC chart with a vertical line like that one! Some good solid progress demonstrated in that image.
In the past few weeks we have seen Bitcoin regaining ground with a sustained price increase and hold. It then appears to have locked in some gains, building foundations for what might be a continuing vertical movement. Right now Bitcoin is trading around the $104k mark after it almost hit $105k yesterday.
The latest jump might be something to do with the new UK USA trade deal that has just been signed. Soon after the declaration Bitcoin started to move and has continued to do so since. I'm always cautious to attribute activity in the conventional financial sector impacting the cryptosphere but as we know and, as I have mentioned several times before in these posts, both traditional and crypto markets are becoming more aligned with each other as crypto becomes more mainstream.
It's not surprising therefore that government fiscal policy, central bank monetary policy and conventional market activity now influences the crypto scene more frequently and with more impact. We have to get used to it.
Either way you look at it Bitcoin is demonstrating a healthy performance right now and the alts have started to move a little, even Hive is up 10% on the previous week, currently trading at $0.26, which is a decent, albeit modest, climb. Let's hope the green continues.
Peace!