Bitcoin price surges on the first day of the week as G20 say no crackdown on cryptocurrencies

G20 will not impose cryptocurrency regulations as the crackdown on the digital assets is withdrawn.

The bulls overwhelmed the pressure from the bulls and achieved highs of $8,419.

Bitcoin has reacted positively to the news in the market on Monday morning. The cryptocurrency recovered tremendously from weekend lows of $7,360 to trade above $8,000 after a week of up and downs.

The price surge comes as a reaction to an announcement from G20 indicating that it will not be cracking down cryptocurrencies. The group of countries will not introduce regulations for the digital assets either. The decision came at a time when Bitcoin was walloping in selling pressure from a series of regulation news in the past two weeks.

In other news, Twitter has made an update that it is moving on with the current advertising policy that will prohibit ads relating to cryptos and ICOs read more here.

BTC/USD technical picture

Bitcoin price embarked on the upside trend on Sunday evening and continued on the recovery path to trade above the $8,000 level. The bulls overwhelmed the pressure from the bulls and achieved highs of $8,419 at the opening of the session on Monday. Currently, BTC/USD is trading above the short-term 100-SMA which is a general upside direction. The crypto has formed a support zone at $8,100 level. The upside gains are, however, capped below $8,500 which is a barrier in the path of recovery towards $9,000.

BTC/USD hourly price chart