Bitcoin Shoots Above $6,800 As US Unemployment Hits 6.6M

The price of the most dominant coin Bitcoin shoots above $6,858 today with no signs of stopping. As we already reported in the crypto news today, BTC hit its highest level in a week on April 2 as the fresh upside followed a lot more misery for the world economy thanks to the coronavirus.

The data from Coin360 and other sites showed that BTC/USD was clinching 7-day highs of $6,830 on Wednesday, after gaining nearly 9% in the past 24 hours. Currently, BTC is at $6,858 with a bullish momentum in a climb that comes on the back of grim statistics from the United States, showing that approximately 6.6 million people filed for unemployment last week. This number is apparently more than double from the official estimates.

For analysts, the picture was still mixed for Bitcoin, with the strength of the coin being not decisive enough to turn bullish in the short term. As Bitcoin shoots above $6,800 now, analysts have taken it to Crypto Twitter. One of the first to comment the latest Bitcoin price news was filbfilb, who noted the following:

“Volume has dropped off which isn’t great news but structurally we have 4 higher lows now so bias has to be slightly to the bullish side right now. Problem is that there aren’t enough things ticking enough boxes at resistance for me to be long.”

As the extraordinary economic measures played out around the world, the debate surrounding BTC as a safe haven (which is an antidote to unlimited money printing) continued to gain momentum. Right now, more than ever, the popular social media figures were raising awareness of the importance of hard money, which pushes aside issues such as USD value.

“Bitcoin is a necessity, because money is a necessity, and fiat currencies are broken,” the @Bitcoin Twitter account wrote in its latest post on Wednesday.

As we reported before this, the TV host Max Keiser also had his say, predicting that the rich would spark a run on gold reserves and that lay investors who were unable to get hold of any – would now be forced into Bitcoin “en masse.” Keiser even did a reference of the rich people thinking of gold “just like the unemployed think of toilet paper,” sparking a lot of comments after it.