Bitcoin News Today – Headlines for August 7

Bitcoin Trading
  • Bitcoin continues to trade in the green despite recent attempt to break $11,900
  • BTC recovers all its weekend plunge
  • Bitcoin’s realized correlation with reaches a new all-time high

Bitcoin News Today – The benchmark digital currency seems to be back on its feet firmly. Bitcoin is now gunning for the $12k mark, after recording gains of more than 2 percent over the past day. The digital currency has been in the green over the past few days, and it has erased the effect of its weekend downtrend. The digital currency saw fresh gains yesterday as the bulls continue to push prices higher.

Bitcoin Erases the $1,500 Plunge during the Weekend

According to data from CoinMarketCap and Coin360, Bitcoin attempted to break over the $11,900 on Thursday, with an increase of about 2.2 percent. Without any major bullish sentiment, Bitcoin has recovered almost all it lost over the weekend. On Sunday morning, the price of Bitcoin (BTC) plunged by about $1,500 in just a few hours. Just four days after it experienced such a huge loss, the digital currency is now back on its feet.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$30,732.00
-4.48%

With its recent move, the world’s most dominant digital currency broke over several key hurdle points earmarked by top crypto analysts as the next resistance for the bulls. A few hours ago, Michael van de Poppe tweeted, “Essentially new resistance hit here after breaking $11,300 to $11,400.

The expectation for the digital currency is high and many are expecting it to break over the $12k mark soon. Analysts and traders are watching to see Bitcoin flip the $12k mark into solid support, something the digital currency did without stress at $11k after breaking over the $10,500 hurdle point.

The Realized Correlation between Bitcoin and Gold Reaches All-Time Highs

Bitcoin following gold’s trend to hit new highs now has factual evidence as the realized correlation between Bitcoin and gold hits new all-time highs. Data from Skew – an on-chain monitoring platform – confirmed the trend this week, with the 30-day realized correlation between the two asserts now at 67.1 percent. This is a pretty impressive performance, as the realized correlation between Bitcoin and gold was -0.1 percent about three weeks ago.

The superseding period has been marked by the sharp increase in the price of Bitcoin in terms of USD, following the trend of gold a couple of months back after gold started its conspicuous upsurge. At the time of writing this article, XAU/USD is at $2,065, its highest level against the USD. It broke over $2k regardless of analysts predicting the chances of such an event being just 30 percent this year.

In the meantime, doubts are emerging over the continued correlation of Bitcoin with stock markets. The correlation between Bitcoin and the S&P 500 was 95 percent, but an analyst recently declared the relationship to be over.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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