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Bitcoin price surges 10% to $7.7k as bulls smash key resistance level

Bitcoin price surges 10% to $7.7k as bulls smash key resistance level
Cointelegraph TeamCointelegraph TeamCointelegraph

Bitcoin (BTC) surged above key resistance levels on April 23 as bulls gained control and propelled markets 10% higher.

Cryptocurrency market daily overview. Source: Coin360

BTC price jumps $700 in hours

Data from Coin360 and Cointelegraph Markets showed BTC/USD gaining $700 during Thursday trading, topping out at $7,760 before reversing lower.

Volatility was high at press time in light of the swift advance, Bitcoin circling $7,520.

Bitcoin 1-day price chart. Source: Coin360

The move caught many analysts and traders by surprise. Previously, the yearly starting range for Bitcoin at $7,200 was the level to recapture to improve bullish prospects.

Nonetheless, Bitcoin flipping its 50-day moving average resistance to support earlier in the week provided a hint that strength was returning to the cryptocurrency.

Attention remains on the block reward halving in May, something which could seriously impact price performance as the supply of new Bitcoins drops 50%.

Author

Cointelegraph Team

Cointelegraph Team

Cointelegraph

We are privileged enough to work with the best and brightest in Bitcoin.

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