Bitcoin weekly price analysis 22 August: The market’s top coin lifts its weekly value
The world's leading cryptocurrency moved sideways for most of the week, posting gains in a bear market.
- Bitcoin has had a very positive week, fluctuating and trading up in value.
- Trading volumes have reduced dramatically week-on-week for the world's leading cryptocurrency.
- A possible short squeeze has seen bitcoin prices dramatically bounce upwards in a very short time.
Following last Monday's digital currency "bloodbath", bitcoin has been on a tear, rising to US$6,587.45 on Wednesday 15 August before slipping back down to US$6,288.34 on Thursday 16 August.
The token hit a weekly high of US$6,613.81 on Friday 17 August but struggled to maintain momentum over the weekend, seesawing as low as US$6,353.73 on Saturday 18 August. On Monday 20 August, the coin took a sharp dive again but has since recovered during today's trade and finished a little higher by market close.
At the time of writing, bitcoin held a value of approximately US$6,451.67.
24-hour trading volumes have decreased from US$5.3 million at the start of the week, down to US$3.7 million.
Bitcoin short orders are close (1,146 orders) to a new all-time high, according to crypto exchange Bitfinex.
Cointelegraph reports that bitcoin "continues to show relative resilience", despite bears dominating the market.
Bitcoin futures volumes fell for the third consecutive trading session on Monday, totalling 2,480 transactions. Volumes slipped almost 70% this week, when over 8,000 contracts were traded, according to data from CME Group.
21-year-old Jacob Burrell Campos was arrested crossing the border from Mexico to the United States and is facing trial on 31 charges. According to his recently-unsealed indictment, all the charges relate to illicit bitcoin trading including operating an illegal money transmitting business, failing to maintain an anti-money laundering program, international money laundering and conspiracy to structure monetary transactions.
You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.
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