Bitcoin price recovers to the highest levels in three weeks gaining around 10% as the coin smashes out of a bull flag in the session on Thursday.
April 23, 2020 | AtoZ Markets – Bitcoin (BTC) made a serious move in the past few hours as its price soared up to above $7,720 in just a few minutes. Stock markets followed as the S&P500, the Dow, as well as gold and oil are all trading in the green.
Bitcoin price spikes to $7,700, highest levels in three weeks
Price action has been flirting with the big psychological mark since 6 April, moving above and below, not finding much commitment. However, in a few quick hours, Bitcoin’s price marked a massive increase, soaring above $7,700 from about $7,060. Nevertheless, BTC price has since retraced a bit as it’s currently trading around $7500, which is still about 5% on the day.
As the chart shows, Bitcoin traded around $7,100 for the majority of the time today, but it started recovering and reached a daily high of about $7,738 on Bitfinex. Even though the price was rejected there, it’s still trading at a nice 5% increase on the day. With this latest increase, Bitcoin has almost fully recovered from the crash that took place on March 12 and 13.
Other major altcoins are also trading positively, with Ethereum charting an impressive 2.35% increase at the time of this writing.
Stock markets trading in the green
Traditional stock and commodity markets are also in the green today as bulls appear to have settled across the board.
At the time of this writing, the S&P 500 is charting an increase of about 1.3% – the same as the Dow Jones Industrial Average (DJI)
Interestingly enough, gold is also up about 1.3% today as it trades at around $1,733 per ounce.
West Texas Intermediate crude oil is also making a recovery. The contracts set to expire in June currently trade around $18, which is 31% more than its price yesterday. Two days ago, the contract marked a 21-year low as it dropped more than 43% to reach $11.57 on the New York Mercantile Exchange. The May contract, on the other hand, traded in the negative for the first time in history.
Will Bitcoin price continue the bullish trend? Share your thoughts in the comment section below.