Bitcoin Up Again as Sentiment Improves

Investor confidence in Bitcoin (BTC) seems to be climbing, and the coin is up again today, by 0.79%. That gives BTC a gain of 6.69% for the past seven days.

Bitcoin has done slightly better since halving compared to where it was before then. The coin had dropped substantially in the weeks leading up to halving, but since mining bitcoins has become twice as tedious, the price of BTC has risen.

Now, Bitcoin is back to where it was about 10 days ago, at $66,407 (BTC/USD). The difference right now, though, is that Bitcoin is enjoying greater stability. The coin is up and staying up and getting closer to the $70,000 level.

Bitcoin has a trade volume of $23 billion over the last day, and that is down slightly from the previous day. The fact that the trade volume has decreased a little is not a mark against it. What should impress traders is that Bitcoin has retained such a high trade volume from day to day, proving its stability.

How High Will Bitcoin Go?

This token is going through a phase where it is making small gains and keeping them. That is very important for its future growth and its position as a major investment from crypto traders. We expect Bitcoin to keep on pushing toward $70,000, though it may suffer some minor price correction and slowdown as it inches closer to that mark.

Investor confidence in the coin is improving, but it is not exceptionally high at the moment. Traders are hesitant to invest a lot into Bitcoin right now, and that is to be expected after its recent poor performance, as well as the fact that it has done poorly around its historic halving, and the fact that inflation is high right now.

If Bitcoin can manage to hit $70,000 by next week, it will be doing well, and we do not expect major growth beyond that level for the short term.