Bitcoin skyrockets to fresh 5-week high above $7000 as it adds over $500 in a matter of minutes
|Bitcoin skyrocketed in the last minutes to touch its highest level since June 6 at $7435. As of writing, the BTC/USD pair was trading at $7355, adding 9.3% on the day.
Although there wasn't a clear catalyst behind that sharp rally at first glance, it looks like a technical breakout is ramping up the volumes. Following the violation of the critical resistance area at $6800/$7000, the total market capitalization of Bitcoin jumped to $120 billion from $116 billion, suggesting a buildup of large positions.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.