Bitcoin shoots back above $7000 jumping a chunky 7%
- Bitcoin price has surged higher on Thursday, jumping back above the psychological $7000 mark.
- A range breakout through the supply of $6500-6800, invited a wave of buying pressure.
The price via the 60-minute chart view had been narrowing for most of the day, trading conditions were very much tight. Given the price behaviour is was prone to a breakout, having formed a bullish pennant structure.
Market bulls were able to capitalize on this, which invited the most recent strong wave of buying pressure. BTC/USD jumped up to the highest levels that have been seen since 12 March, when the price had been hit at the time by some strong selling.
A daily closure above the $7000 price mark would likely be critical for Bitcoin's progress in further recovering, it could also encourage a return of more buyers back to the largest cryptocurrency by market cap.
BTC/USD 60-minute chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
