Bitcoin Daily Update

BTC price is 7035 at the moment and market dominance is 53.0% which is lower than yesterday. Total market capitalization has increased consistently since August 14th, but this 228 billion dollar market cap is still a long way from what we had only a month ago (300 billions dollars on July 26th). Daily candle so far is green with good volume and the price has been able to stay above the critical 6800 line. Next important resistance lines are 7200 and 7700 and for the price to be able to surpass those lines bulls need to keep the volume high, after that the all important 8400 line needs to get broken. If you are a conservative trader 7200 can be a nice place to cash your profits, if you're aggressive and want to take some risk aim for 7700 with some tight stop losses.

There has been a few factors in the past few days that have helped the recent upswing in prices. First yesterday we had the news of Tether's new 50 million dollar issuance which means there is will among market participants to push the prices higher and (Of course this might give new evidence for those who look for price manipulation by Tether/Bitfinex). Then we heard that according to CFTC the overall short positions on CME's Bitcoin Future's have dropped while long positions have increased during past week, and while the market is still overall net short by 1266 contracts but this recent move is a small indication that Bitcoin market might be starting to move toward its green days.