RATE Group | Bitcoin Price Reaches Two Month High
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Bitcoin Price Reaches Two Month High

25 Jul Bitcoin Price Reaches Two Month High

Posted at 08:29h in Bitcoin News by

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Slowly, but surely, bitcoin is making its way out of the woods. 

After the sudden spike in its price last week, the original cryptocurrency experienced another sharp increase Monday morning to post a two-month high. Two months ago, bitcoin was trading at $7502.56, with the cryptocurrency on a downward slide since then. At 08:00 UTC Monday morning, bitcoin reached a high of $7745.99, representing an increase of more than $300 in less than a couple of hours. And that increase hasn’t stopped, with bitcoin sitting at roughly $8200 at the time of writing. (See also: Bitcoin Price And Crypto Markets Shot Up Earlier This Week. Why?)

What Is Causing Bitcoin’s Price Increase? 

Bitcoin’s technical fundamentals were primed for an increase in its price. Several technical analysts had called out the rise because they spotted an “inverse head and shoulders” pattern in its price. According to this pattern, the price of a security alternates between successive troughs before…

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