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Bitcoin Rallies to $7,500 – Highest Price Since Before the Coronavirus Crash

April 24, 2020 at 16:31 by Matt Jackson

Bitcoin prices have surged above $7,500 in the past day, taking the world’s largest cryptocurrency back to the price it was trading at before March’s Coronavirus crash. The rise also means that Bitcoin is back above the $7,200 that it started the year at.

Analysts warn that there is major resistance overhead at $8,000, where it is also likely to meet the 100-day simple moving average. Bulls need to try and close above $8,000 today or could face a fall back to $7,200 support. Although most of the major coins have performed similarly to Bitcoin, with 1% to 2% gains, Teozos and Cardano have posted gains of around 10% over the past 24 hours. Stellar, yesterday’s big mover, has lost just over 1%.

Bitcoin had experienced a period of consolidation, lasting for around 5 days and seeing the currency trade between $6,800 and $7,300. Analysts warned of an impending move, although opinion was divided on the direction of this move. On April 22, Bitcoin made its first move, breaking through resistance at $7,200 and, yesterday, broke through further resistance at $7,400 and $7,500. At one point, BTC was close to $7,700. It has now settled back to $7,550.

Bitcoin started the year at $7,200. At current prices, it is up 5% from the start of the year, but before the Coronavirus outbreak, it had reached a high of $10,400. On March 12 it slumped from $7,800 to a low of $4,000. Any investors that bought this low would have made nearly 100% on their investment at the current price.

While the rest of the market has remained relatively stable, Tezos has proven one exception. It has now risen by nearly 11% in the past 24 hours and is trading at $2.74. The coin started the year at $1.75 so has doubled in price, but it peaked at $3.90. On March 12, it fell from $2.45 to $1.17. Cardano has also made significant gains, rising by nearly 10% against the dollar over the past 24 hours.

At 17:25 GMT, Bitcoin (BTC) prices had increased by 1.3% and was trading at $7,552.78 while Ethereum (ETH) cost $189.13, having risen 0.49%. Ripple (XRP) had increased by 0.64% to $0.195. Bitcoin Cash (BCH) added 0.1% and was changing hands at $239.30 while Bitcoin SV (BSV) fell by 0.65% and cost $194.91.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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