Bitcoin price surged past $7,000 in less than five minutes July 17th, breaching its 50-day moving average. At the time of writing, all top 100 cryptocurrencies are trading in the green.
A beautiful sea of green can be observed today, July 18th, after Bitcoin (BTC) surged yesterday. After struggling to breach the critical support level at $6,800, the price exploded, surging past $7,000 in less than 5 minutes. At the time of writing, the world’s first and foremost cryptocurrency trades at $7,407.13, marking an increase of 10.58 percent in the last 24 hours, according to CoinMarketCap.
The Entire Market Reacts
Historically, the price of Bitcoin has impacted that of other cryptocurrencies, and this time is no different. At the time of writing, all but two of the top 100 digital currencies are in the green.
Ardor (ARDR) has marked the biggest increase in the last 24 hours – it’s up by around 56 percent at the time of writing.
Peercoin (PPC), on the other hand, is the asset which felt the biggest decline – it dropped by 12.81 percent.
All top 10 cryptocurrencies are in the green. Stellar (XLM) is the biggest winner, surging by upwards of 26 percent. Its increase could also be attributed to the fact that it became the first digital currency to be Sharia compliant.
A Wave of Good News
Part of the reasons for which Bitcoin price surged was the accumulation of good news over the past few weeks. Just a few days ago, BlackRock was reported to be getting involved in the cryptocurrency field. Despite the claims being revoked by the company’s CEO, the market reacted immediately, gaining momentum July 16th.
New York investment bank Goldman Sachs announced the appointment of its new CEO, David Solomon, who is far keener on Bitcoin than his predecessor.
Technicals are Also Favorable
Speaking on the reasons for Bitcoin’s price spike, Fundstrat’s Tom Lee noted that TA is also becoming more favorable. Lee noted:
Over the weekend there were quite a lot of folks who were talking about TA and the potential formation of either an inverse head or shoulders or a Wyckoff buy off so it sounds like the technical were really starting to become more favorable.
The senior analyst also mentioned that the price is currently standing roughly around 30 percent below the 200-day moving average, which gives a “huge bull signal,” based on historical data.
Do you think Bitcoin has entered its long-awaited bull run? Don’t hesitate to let us know in the comments below!
Images courtesy of LBN Archives, CoinMarketCap, and Shutterstock.