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.

Ken Chigbo Independent Analyst

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.

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BTC/USD 60-minute chart

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