Bitcoin rises 7% in one day to hit a five-week high and the leading cryptocurrency enjoyed quite the bullish momentum in the past few days, reclaiming the $23,000 level as we can see more in our Bitcoin latest news today.
Bitcoin as the world’s largest crypto by market cap surged by 7% in the past day and it is now priced at $23,369 as per the data from CoinMarketCap. This represents a smaller decrease from the daily high of $23,759 that was recorded during the early hours on Wednesday and BTC is still trading at levels not seen since June. The leading cryptocurrency increased by 17% over the past week and the latest price action came amid the growing trading volumes. About $48.7 billion worth of BTC changed hands on crypto exchanges with the value standing at $47.3 billion in the past day.
For comparison, at the start of the month, the daily trading volumes dropped to $16.3 billion as one of the lowest points since the start of the year and the bullish breakout came amid optimism and returned to global markets. The US stocks closed with strong gains as more corporates and companies like Johnson and Johnson beat the forecasts to report earnings. The Dow Jones Industrial Average surged by 754.44 points by 2.43% and the NASDAQ icnrease by 353 points or 3.11%.
Bitcoin rises 7% in one day and there were also some stocks of companies like MicroStrategy which increased by 18% and Coinbase which surged by 12.2%. somewhere else in the market some notable gainers include meme coins DOGE and SHIB which are up by 13% and 11% respectively. Ethereum slowed down at the same time and increased to $1600.
As recently reported, Bitcoin started a new increase above the $21,000 resistance against the US dollar and the coin could rise to $22,000 if it manages to stay above the $20,500 support. BTC is moving higher above this resistance zone and the price is now trading near the $20,800 support level, testing the 100 hourly simple moving average. There was a break above the short-term bearish trend line with the resistance near $21,000 on the hourly charts and the pair could gain more bullish momentum if it manages to clear the $21,500 and the $21,600 level.
If BTC fails to clear the $21,500 resistnace zone it can start a new downside correction with immediate support being near the $21,000 level.
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