The Bitcoin price (BTC/USD) has moved closer to the key level of $7,000 following a sharp uptick that occurred in late Monday trading.
The original cryptocurrency spent most of yesterday’s session trading in the $6,700 -$6,800 area. The situation changed toward the end of the session, when the digital coin experienced a significant increase that propelled its price above the $6,800 mark. The coin finished the day at an intraday high of $6,884.64, up from its opening level of $6,710.80.
Bitcoin continued to advance during the early hours of today’s trading, with its price rising above the $6,900 level for the first time in three weeks. At the time of writing, the Bitcoin price was hovering around $6,920, according to data from digital currency tracker Coinmarketcap. It had risen to $6,956.74 earlier, which is its highest price level since August 7.
The gains add to Bitcoin’s resilient performance in the wake of the US Securities and Exchange Commission (SEC)’s rejection of nine Bitcoin ETF proposals last Wednesday. The watchdog subsequently announced that the rejections would be reviewed by senior SEC officials, which likely helped the coin to shrug off the news. In addition, recently published Bitcoin futures data suggests that the market sentiment toward the coin is improving.
Citing data from the US Commodity Futures Trading Commission (CFTC), industry website Coindesk reported yesterday that non-commercial futures contracts of Bitcoin totalled a net position of -1266 contracts, the lowest on record, in the week ended August 21. The data indicates that speculators are the last bearish on Bitcoin since the launch of BTC futures in December, Coindesk notes.
In today’s trading, the Bitcoin price stood at $6,920.94, as of 09:49 BST. The digital coin has gained 2.9% in the past 24 hours, Coinmarketcap data shows.
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