BTC Price to 12K? Strong Technical Score Confirms Bitcoin's Bullish Trend

Bitcoin is back into action as the world’s largest cryptocurrency added $2000 to its price last week with over 20% gains and moving past $11,500 levels. 

After undergoing a month of correction in July 2019, Bitcoin is back in the game and currently on an upward swing. Bitcoin’s performance last week has been on a steady rise as the world’s largest cryptocurrency added $2000 to its price.

 

 

As we can see in the above graph, Bitcoin started last week around $9500 levels and ended it above $11,500 levels. As per the data on Omenics, Bitcoin posted over 21% gains last week. 

At press time, Bitcoin is trading at a price of $11,698 with a market cap of over $209 billion. The world’s largest cryptocurrency is seeing average daily trading volumes of over $20 billion. 

With last week’s price surge, Bitcoin extends its grip on the crypto market and it alone contributes 67.5% of the overall cryptocurrency market cap.

 

Bitcoin is slowly becoming a safe haven.

When the fomo starts, because of the limited supply, you can expect us to make $20k look like chump change

— CRYPTO BITLORD (@Crypto_Bitlord) August 5, 2019

 

Top Recent Bitcoin News

 

• The Bitcoin hash rate which is the computing power dedicated to secure the Bitcoin blockchain network has reached over 72 quintillion hashes per second (EH/s), according to the data on BTC.com. The data shows that the hash rate has jumped by over 10% just in the last 15 days.
  
  As per the available data, an estimated 100K miners went online in the last two weeks. Moreover, there’s also an estimated sale of $200 million worth of mining equipment sold by the major mining device manufacturers like BitMain and MicroBT.
  
  
• In another news, nearly 85% of the total BTC supply has been mined. As per the data by TrustNodes, “17,851,288 bitcoin have been mined now, with just over 3 million BTC tokens left to go”.
  
  
• Last week, during the Senate Committee on Banking, Housing and Urban Affairs cryptocurrency hearing, chairperson and U.S. Senator Mike Crapo (R-Idaho) stated that it will be almost impossible for them to ban Bitcoin in the U.S.
  
  In his opening statement, the Senator noted that technological innovations like Bitcoin are inevitable and the U.S. should lead in fostering this innovation. While further discussing Bitcoins directly, Senator Crapo also stated that they held meaningful benefits.
  
  
• The race for launching physically-settled Bitcoin Futures contracts is catching up immense steam. Last Wednesday, July 31st, LedgerX announced that it has launched the first physically-settled Bitcoin Futures contracts in the U.S. As per the CoinDesk post, the Bitcoin Futures were initially available to both - retail and institutional investors.
  
  But it turned out so that the U.S. derivatives regulator - Commodities and Futures Trading Commission (CFTC) - said one day later that it hasn’t yet approved LedgerX to launch the Bitcoin futures.
  
  Meanwhile, ICE’s Bakkt continues with its developments on launching the first physically-settled Bitcoin Futures contracts. During a quarterly earnings call, ICE CEO Jeffrey Sprecher said that Bakkt is “working to develop a regulated ecosystem that services the evolving needs of [participants] around the world”. Sprecher added: “Subject to final regulatory approvals, we plan to launch our physically settled bitcoin futures in the very near future.”
  
  

Bitcoin Market Analysis Using Omenics’ Sentscore

With the steady growth in the BTC price last week, the overall sentiment for Bitcoin is also on the rise.

 

The Omenics’ Sentscore chart shows that the overall sentiment has surged from the “Neutral” zone to now into the “positive” zone between 6-7.5:

Similarly, the news sentiment indicator has moved from the “neutral” zone to the “positive” zone:

 

The social sentiment indicator follows the price chart but remains in the “neutral” zone between 4-6:

 

The buzz around Bitcoin, however, remains in the "low volume of content" region below 4:

 

The Bitcoin technicals chart shows a smooth rise with a huge leap from the “negative” zone below 4 to now into the “very bullish” zone at 7.6. The technical chart confirms there is a strong bullish momentum surrounding Bitcoin: