Bitcoin Road to Highest Weekly Close

August 9, 2019 | Friday

Cryptocurrency

   

On August 9, Bitcoin (BTC) tries to keep resistance at $12,000 despite bullish predictions continuing to concentrate more on growth. Also, BTC/USD was near its place 24 hours earlier. And the pair swung between $11,500 and $12,030 in the meantime.

Aside from that, Bitcoin traded at $11,760 and marked its current daily loss of 0.8%. On the other hand, its weekly gains still stood solid at 12.3%.

During this week's Bitcoin resurgence, the $12,000 mark became tough to crack. And this has several attempts before but failed to produce support. But, analysts remain to be optimistic with regular trader Josh Rager eyeing the potential of a price record for Bitcoin in 2019.

Rager stated on Friday, "Price has the chance to close its highest on the weekly chart in 2019." And he also noted that Bitcoin needs to sustain its current levels for three more days. Then, the exit of Bitcoin from the bearish territory triggered reiterations of a long-term price trajectory. Based on a report, on Friday, Tim Draper claimed $250,00 as a realistic target by Q1 2013. He also thinks that BTC is giving a good use case as a safe-haven asset.

Meanwhile, this week, all altcoin traders were consolidating. In the top twenty cryptocurrencies by market cap displays most major tokens fell by between 1% and 4%. And this extends negligible losses of Bitcoin.

Furthermore, the dollar index hits its highest level since May 2017 at 98.697 overnight. And this was before retracting to 98.105 in European trading.

No-Deal Brexit To Push Bitcoin

Some analysts expect Bitcoin price to surge to an unprecedented breakout and record highs in 2019 du to the rising no-deal Brexit. CommerceBlock CEO Nicholas Gregory believes it might fundamentally drift the place of Bitcoin in the global economy.

Aside from that, the prediction of a no Brexit deal is already damaging the pound sterling. It is currently losing its value against major currencies. Boris Johnson stated that the United Kingdom would 'do or die' part from the European Union by October 31, 2019.

   

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