It didn't take long for bitcoin to resume its bullish streak and soar above $90,000, hitting new record highs around $92,000.
This is despite reports indicating that BTC miners have started taking profits to cover some expenses.
Many things have happened to affect BTC price movements in the past week, especially after it became known that Donald Trump will be the next president of the United States.
This move of the asset was completely unexpected as it took bitcoin from $68,000 to over $75,000 in one day last Wednesday. That momentum was just the beginning as the cryptocurrency soared above $80,000 over the weekend and challenged the $90,000 trading level twice on Tuesday.
Although it failed at the first attempt and fell to $85,000 yesterday, buyers took control again a few minutes ago and sent this BTC price above $90,000. In fact, its most recent peak was at $92,000 (on Bitstamp).
Despite having dropped about a thousand dollars since then, BTC is still up 4.5% for the day and over 20% on a weekly basis.
This latest surge comes despite a recent report by CryptoQuant that shows some miners have started to take profits amid this surge. However, this does not seem to be a concern for now, and BTC still has plenty of room for further growth.
“Therefore, while the current selling of miners may be an initial setup for the next cycle, the number of Bitcoins sold indicates that there is still ample room for further growth in this cycle.”
