Bitcoin surges 17% in an hour, a market reversal or speculative outbreak

A large-scale sharp upward impulse returned Bitcoin market back to life and forced to talk about the global currency number one all the world's news agencies.

Today, in the middle of European trading in a rapid upward momentum, Bitcoin has gained in price by 17% in one hour. Price briefly rose above $8000, but then, on the background of fast profit fixation, traders pulled the price lower back into the $7680 zone.

Recall that the side consolidation in this market lasted more than a week. After the breakthrough of the previous support in the $7750 zone, the crypto market declined and for 11 days traded in a narrow range, groping for support in the region of new local bottom in the $6610 - $6800 zone.

While there is no definite explanation for what caused such a large-scale purchase in the declining market, there is no doubt that that was a huge buy volume.

The situation on the chart, however, implied an upward surge in the coming days, based on technical factors. Historically, April has always been a good month for the cryptocurrency. It was possible to expect surprises and this time. Let us see how the situation will develop further. If the price can consolidate above the former resistance in the region of $7400 or $7750, the chances of continuing strong growth will intensify.

FortFS