Bitcoin Soars to Its Highest Level Since Crashing in March – Market Updates Bitcoin News


Bitcoin Soars to Its Highest Level Since Crashing in March

Bitcoin hit $7,600 on Thursday, its highest level yet since crashing in early March. The cryptocurrency climbed more than 10% during the last 24 hours spurred by the return of leveraged money.

Bitcoin cash (BCH), ethereum (ETH), and ripple (XRP) all rose above 4% to $239, $189, and $0.19, respectively. The digital asset litecoin (LTC) soared more than 7%.

Bitcoin plunged 27% on March 12, otherwise known as ‘Black Thursday, as global financial markets reeled from effects of the coronavirus pandemic.

Experts have targeted a break above $8,000 as a key indicator for a bull run. But after the Thursday pump, BTC got rejected a hair, suggesting this “was not a normal bull flag.” The flash pump above $7,700 quickly lost momentum.

BTC Price 7-Day Chart.

Since mid-March, BTC has appeared to move in sync with riskier assets like stock markets, rising when they rise and falling when they fall. U.S. equities gained on Thursday fuelled by hopes sections of the economy may soon open.

There are other factors in support of a bitcoin rally, however. Breaking a previous resistance level of $7,600 for the second time this month might be an indicator that a pre-halving surge is likely. The bitcoin block reward halving is just over two weeks away. Investors appear to be taking positions for an upswing in the price of BTC, if history is acting as a guide.

In addition, the 14-day Relative Strength Index (RSI) shows the cryptocurrency has yet to enter overbought territory. The RSI for BTC is around 59, far below the key threshold of 70, which signals overbought. A break lower could mean bitcoin falls to around $6,500, another major level of support, say experts.

At the time of publication, the total value of all the BTC in existence exceeds $138 billion. Over the past 52 weeks, the coin has touched a high of $13,796 and a low of $4,106, according to data from coin market capitalization aggregators.

Tags in this story
Bitcoin block reward, bitcoin crash, bitcoin halving, BTC, Coronavirus, Halving, Markets, Prices, Relative Strength Index, Stock Market

Where do you think the price of bitcoin is headed? Let us know in the comments section below.

Jeffrey Gogo

Jeffrey Gogo is an award winning financial journalist based in Harare, Zimbabwe. A former deputy business editor with the Zimbabwe Herald, the country's biggest daily, Gogo has more than 17 years of wide-ranging experience covering Zimbabwe's financial markets, economy and company news. He first encountered bitcoin in 2014, and began covering cryptocurrency markets in 2017

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer
Show comments