Bitcoin Futures Open Interest OKEx BitMex

  • Bitcoin (BTC) price boosted to intraday highs of $7,800 on Thursday, during U.S market open.
  • The soar represents over 100% increase in price since hitting rock-bottom on Mar 13th this year.
  • Can the bulls regain pace to top key resistance at $8,000 in the coming weeks heading to BTC’s halving?

On Thursday morning (in the U.S market) around 1 PM GMT, the price of Bitcoin skyrocketed to an intraday high of $7,800 across some top exchanges. In only three hours the price of BTC/USD gained $800, in a bullish charge that gives a signal of a potential run heading to the halving. BTC’s growth over the past 24 hours wipes off the losses that occurred during the March 12 market crash that set BTC to an eleven-month low of $3,800.

Bitcoin climbs past $7,800 clearing Mar. 12 horrors

Since hitting a low of $3,850 on March 12 this year following the strain caused by the COVID-19 pandemic, BTC’s price has been on a steady uptrend and is finally showing its true colors heading to the halving. As at 5.00 PM GMT on April 23rd 2020, the price of BTC trades at $7,536, representing a 95.6% hike since the yearly lows reached during Black Thursday – at its peak price today, BTC had gained 103% on the dollar since.

Hourly charts of BTC/USD on Coinbase (Image: TradingView)

Extreme growth in the past six week has set the daily candle charts back above the 50-day moving average, a very bullish signal on the price of BTC. Notwithstanding, a golden cross formation on the BTC/USD daily charts confirms a possible uptrend run in the coming weeks.

Over $70 million shorts liquidated

The sudden rise in BTC’s price saw over $70 million in BitMEX shorts liquidated as bears faced one of the bloodiest days in April. According to Datamish, a crypto price aggregator, $79.8 million XBT shorts have been liquidated over the past 24 hours.

Image: Datmish

Bitfinex exchange bears are also facing the ax on rising BTC/USD prices as 460 BTC shorts were liquidated in the past 24 hours, as at time of writing.

Will BTC/USD hit key support resistance level at $8000?

Josh Rager, a crypto analyst and founder at Blackroots, predicts Bitcoin’s market may finally be in a bullish market as it tested a major support resistance level at $7,800, a pattern that has been forming since last year. He wrote on Twitter,

“$BTC pushed to a major level that held as support/resistance since last year. $7800 tapped with over 11% gains past 24 hours.”

The pressure from bulls is on a spike and some analysts are targeting a push to $8,000 before the upcoming halving. According to Josh, a close above $7,400 is the catalyst needed to set up a possible rise to levels above $8,000 resistance.

Source: Coin GApe