Two Big Factors Are Driving Up Bitcoin Prices

coindesk-bpi-chart (48)

The price of bitcoin rose close to 10% this week, pushing higher as bullish market sentiment and low liquidity created an ideal environment for gains.

The digital currency enjoyed notable increases during the week, surpassing $600 on Sunday, 4th September, while largely avoiding any significant pullbacks or corrections.

Sentiment is so strong “players are not willing to bet against the rise of BTC/USD,” according to Petar Zivkovkski, director of operations for Whaleclub.

He told CoinDesk:

“New short position openings are almost at all-time lows, [which] indicates that the market expects a continued rise.”

Tim Enneking, chairman of cryptocurrency investment manager EAM, sees similar forces propelling the current market.

“Sentiment is generally bullish,” he added.

Fast start, bullish sentiment

Bitcoin prices had a fast start during the week, opening at $571.68 on 2nd September before surging 4.9% to $599.60 the following day, according to CoinDesk USD Bitcoin Price Index (BPI) data.

While the digital currency tested $600 and failed to break through that resistance, it surpassed that key psychological barrier on Sunday, 4th September, before rising to an intra-day high of $612.39, additional BPI figures reveal.

The digital currency’s price surged more than 6% over the weekend of 3rd and 4th September. Market

Read more ... source: TheBitcoinNews

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