After a bearish force caused by the speech of Federal Reserve led to the fall of Bitcoin BTC to $11,700 last week, the biggest Cryptocurrency in the coin market, Bitcoin BTC, tends to start the new week with a bullish trend in its price value. With regard to this bullish performance, investors are anticipating to see if this trend continues throughout this week to increase the value of BTC.
Hopes for BTC
1. Relationship between DXY and BTC
As at publication time, the Dollar currency index (DXY) which hit its two-year low on Thursday, August 27, is also surging as BTC fluctuate around $11,620 to $11,700. If this inverse relationship between DXY and BTC continues, then we should expect the value of BTC to increase very soon
2. Increase in Hash rates
After a small correction in Bitcoin BTC in August, a notable surge has been displayed in its hash rate. Hash rate is the speed rate at which a cryptocurrency mining device works. It is also the rate at which Bitcoin miners validates a blockchain. Bitcoin has also made a seven-day averages value of 125 EH/s (which is not far from its all-time high for the month). With the factors explained above, BTC is predicted to surge in the first week of September.
