If you read our Bitcoin news this morning, you probably remember us wondering whether the BTC price would breach the $8,000 levels today. Well after around 9 hours, we can say that Bitcoin is on fire and managed to smash not only this level, but the $8,600 resistance levels too.
The dominant coin rose by 12% and cast aside a band of resistance, making even more traders bullish on it. We can see that the Bitcoin price is solid and beating out the previously unthinkable resistance on April 29 as its one-day bull run now puts the flagship cryptocurrency closer to $9,000.
According to data from TradingView, we can see that the BTC/USD pair is having a blast today as it gained more than $1,000 in just one day, topping out at $8,695. The surge is also sustained by many investors flocking the markets and hoping for more gains. As of press time on Wednesday, we can confirm that Bitcoin is on fire and circled $8,650 in the latest updates, without any sign of a reversal so far.
A couple of days ago, the crypto news showed a lot of analysts who were skeptical that Bitcoin’s strong weekly performance could continue to quash major resistance around $8,500. A band of resistance factors which includes the 200-day moving average fell in the best day for Bitcoin in several months.
As we can confirm, the largest coin in terms of market cap is now fully recovered from its crash in mid-March, which saw BTC falling to a 15-month low below $4,000 along with the rest of the markets. Since then, the gains for BTC have been challenging for the top spot in the macro assets, while stocks are also having a good day today.
There's a CME gap at $9125 pic.twitter.com/i8Sh6sdudR
— Squeeze (@cryptoSqueeze) April 29, 2020
As the analyst Squeeze noted on Twitter, a CME Bitcoin futures gap at $9,125 could prove to be the next short-term target for bulls in the Bitcoin news. Commenting on the day’s performance, another analyst with a nick @filbfilb summarized:
“Bitcoin has hit an important resistance point at $8,800 which normally takes some time to work through so there’s likely to be more volatility to come for the next few days.”
While Bitcoin is on fire and the BTC price is rising, the altcoin market is also positive and the leaders include XRP which is now at $0.2248 as well as Ether (ETH) which managed to breach the $215 mark a couple of minutes ago.
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