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The Bitcoin price rose a fraction of a percentage in the last 24 hours to trade at $114,842 as of 3:30 a.m. EST on trading volume that dropped 6% to $55.77 billion.
The slight increase in the BTC price comes after Bitcoin miner IREN mined more BTC than the industry heavyweight, MARA, in July. On Wednesday, IREN reported mining 728 BTC in July, while MARA mined 703 BTC over the same period.
Bitcoin Price Prediction
Bitcoin’s price saw a dip at the end of July and over the first few days of August, breaking the support at $118.5k and sinking to $112k by late Aug. 2. Since then, the coin managed to recover slightly, making several attempts to go back up, each stopped by a resistance at $116k which has managed to hold firmly over the last several days.
BTC/USDT chart analysis (Source: TradingView)
As of Aug. 7, Bitcoin’s price is on the rise again, pushing its upper Bollinger Bands further up and causing the bands to widen again, which might be taken as a bullish signal by traders. The coin’s RSI has also climbed from the oversold zone, and is heading toward the overbought zone.
However, traders could opt to take profit once it reaches 70, like they did multiple times over the past two days, meaning that it is unlikely that the coin will breach the resistance at $115.5k in the short term.
Promising Alternative To Bitcoin
While Bitcoin is currently still stuck, investors continue to buy into Bitcoin Hyper (HYPER).
This is a new project in the Bitcoin ecosystem, and it promises to introduce the fastest Bitcoin layer-2 chain yet. The project aims to bring greater scalability to the Bitcoin network.
It also aims to enable developers to start building Bitcoin’s own Web3 ecosystem, giving them the ability to launch dApps and launch new meme coins while also enabling faster payments – something that Bitcoin has been struggling with.
Bitcoin Hyper believes it can bring a lasting change to the BTC network, and that 2025 will be the year when everything will change once its native token goes live.
For now, however, the HYPER token is still in presale, currently selling for only $0.01255 apiece. Its ICO is popular and has raised more than $7.43 million so far.
Experts who run the crypto YouTube channel 99Bitcoins, which has over 723k subscribers, have suggested that this could be the next 10x crypto, making right now the best time to buy, while the project is still in presale.
If you wish to join others who bought HYPER at the low price of $0.01255, buy now before the token sees its next scheduled price increase in just over 7 hours.
Visit the Bitcoin Hyper website.
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