bullish

Bitcoin

Tornado Cash

Spot

Daily

<ul>
 <li>Bitcoin price showed significant activity in the past day.&nbsp;</li>
 <li>The cryptocurrency’s daily trading volume surged by 12% according to CMC data.</li>
</ul>
The crypto market has shown a revival in the past few days after the August first weekend market crash. Notably, the overall market cap has increased by 6.50% while the daily trading volume exhibited slight declines. Leading cryptocurrency Bitcoin showed notable surges over the past day as the present positive momentum drove prices to the $60K level.&nbsp;
According to CMC <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">data</a>, BTC prices increased by 5.59% over the last 24 hours. Additionally, the token surpassed $61K momentarily during the day before consolidating at the $60K level. Moreover, Bitcoin’s daily trading volume has surged by 12%. At the time of writing, the token was trading at $60,681.&nbsp;
Zooming out, over the past week the token shows a price performance of 6.42% decline owing to the aforementioned market crash. The most recent dip caused Bitcoin prices to plummet below $50K, causing market analysts to expect prices to go down to <a href="https://thenewscrypto.com/is-bitcoin-heading-towards-a-drop-below-40k/" target="_blank" rel="noopener noreferrer nofollow">$40K</a>.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcWY-60-yqbzE6JZ_HfMrAsvflDIMKVSXZnYIR7ZLc9i6lZ9K389Z2BlJ4m-ph8918rp5RLPiU3KnOA0N2n4ExOlkColhUwVOgX2qLiYkM5K4sBC9xb2bbsPKVNvyrkjIhR6G-czEXaWcssniPgHwtsXDc?key=dNNqQFip1Sf5_fCrKubGTQ" alt="">
 <figcaption class="wp-element-caption">BTC/USD Daily Price Chart (Source: <a href="https://in.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
On the other hand, despite Bitcoin’s recent price hike, its market sentiment still leans towards selling. This is indicated by the RSI standing at 47.08. Additionally, the token’s short-term 9-day MA stands below the long-term 21-day MA indicating the overall bearish trend as per TradingView <a href="https://in.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">reports</a>.&nbsp;
<h3 class="wp-block-heading" id="h-bitcoin-24h-price-analysis">Bitcoin 24H Price Analysis</h3>
In the last 24 hours, Bitcoin has shown intriguing movements in its price activity. In the Asian evening hours of August 8, BTC was trading at $57,140. However, as the day progressed, it sparked bullish candles and prices reached an intra-day high of $62,798. On August 9, the token showed slight dips as prices slid back to $60K levels. Presently, Bitcoin has managed to sustain prices at these levels.&nbsp;
Notably, if the token manages to sustain the positive momentum it might rally to reach the $70K level. Furthermore, according to Grayscale’s recent market report, Bitcoin is expected to re-test its ATH of $73,750 if the US economy avoids a recession in its downfall. Additionally, it also stated that the token’s rally might occur if the economy exhibits a ‘soft landing’.&nbsp;
Meanwhile, the <a href="https://thenewscrypto.com/u-s-spot-bitcoin-etfs-rebound-with-45-million-inflows/" target="_blank" rel="noopener noreferrer nofollow">US Spot Bitcoin ETFs</a> have shown inflows in the past day. The digital assets previously recorded significant outflows as per Sosovalue data.&nbsp;
Highlighted Crypto News Today:&nbsp;
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Will Bitcoin Reach New Price Levels After Retracing to $60K?

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