BREAKING NEWS: BITCOIN’S PRICE SHOOTS VERTICALLY!
17% increase in an hour
Solid good news at last!
We checked our radar for background or explanation or analysts’ thoughts on this breaking news but, with one exception, all we have found so far is the fact itself that so many hodlers have been looking forward to hearing:
“Bitcoin surged the most on an intraday basis since December after breaking through key technical levels.
The biggest cryptocurrency climbed more than 16 percent, piercing both the $7,000 and the $8,000 levels in a matter of minutes. Bitcoin swung wildly between gains and losses in December while reaching a record high of almost $20,000 before crashing.”
“Bitcoin Price Shoots Vertically Above $8,000
Thursday’s trading witnessed bitcoin price spiking upwards from under $6,900 to $8,000, a new high for April.
For reasons unknown at the time of publishing, bitcoin prices were flung upwards in a frantic period which saw the world’s most prominent cryptocurrency gain over 15% in value, all in a span of under 45 minutes.”
“Bitcoin surged more than 17 percent in a sudden move on Thursday to above $8,000, according to trading on Coinbase.
The cryptocurrency hit a high of $8,011 was trading about 14.4 percent higher near $7,846 as of 7:54 a.m. ET, according to Coinbase.
Bitcoin had been suffering from tax-related selling in the run-up to the U.S. tax deadline on April 17. Some traders indicated Thursday's move could be an unwinding of that pressure.
Bitcoin has treaded water in April after dropping below $7,000 at the end of last month.”
The only technical background info to date, concerning Bitcoin’s 17% surge today is from Nick Kirk, quantitative developer and data scientist at Cypher Capital, a cryptocurrency trading firm: "The ratio of short margin trades versus longs has been increasing recently. Buying volume ticked up today and a lot of these short trades got liquidated, helping fuel the rally."
This is a developing story, we will fill you in on what’s going on with the number one crypto-currency.