Bitcoin’s Price Jumps $1k In Less Than An Hour

A new crypto breakout just occurred – and this time – it is the leading cryptocurrency that we are talking about.

It seems like April 12th is a big day for Bitcoin. The cryptocurrency clocked a two-week high and got to $8,055 in less than an hour after trading sideways in a narrow price range over the past couple of weeks.

A Massive 13% Gain In Only 45 Minutes

This move marks 13% gain for the leading cryptocurrency and a big jump from the previous day’s price of $6,939.

One of the main reasons for this has been the short liquidation of short (sell) BTC trades which had a vital role in the rally, according to sources. As reported by WhaleCalls, Bitcoin was sitting at $6,766 yesterday at 7:00 GMT and scaled through the $7,000 mark at 11:00 GMT. This move seems to have triggered some stop losses on the Bitcoin short trades. As a result, the next $1,000 jump happened in 45 minutes only.

Even though many traders see this move as a surprise, it actually isn’t. The speed of the ascent is in parallel with the violence of the breakout. Currently, Bitcoin is stabilized at $7,665 but we may expect another gain today.

Crossing The $8k Gap The First Time After March

What’s important is that Bitcoin passed the $8,000 mark which is the first time after March. The 12% increase compared to the previous day valuation – and the 14% gain compared to the last week valuation is what makes this entire situation interesting.

Meanwhile, other leading cryptocurrencies are mirroring this return to form. All of the leading ones including Ethereum, Ripple, Bitcoin Cash and EOS are experiencing gains of more than 10% in less than 24 hours.

According to some analysts, this price movement has been driven by speculators. However, regulators seem open-minded at this time and are actively working to eliminate the risks for consumers. This is why there is no reason why Bitcoin shouldn’t fulfill its dream and climb to $20k in the next few months.